S&P affirms Bosnia and Herzegovina

Standard & Poor's said it affirmed its B+ long-term and B short-term sovereign credit ratings on Bosnia and Herzegovina.

The outlook is stable.

The sovereign credit ratings on Bosnia continue to be constrained by a large and complex political system, which is reflected in regular political stalemates. This will in S&P's view continue to inhibit reform progress, especially in the run-up to the 2010 general elections. Fiscal management and flexibility continue to be weak and are constrained among other factors by sizable contingent liabilities, while external vulnerabilities persist.

S&P noted the ratings are supported, on the other hand, by the fact that the government has explicitly prioritized its external debt-service payments and those of its related entities.

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