National Bank of Serbia
 
Financial Stability | Investor Relations

Republic of Serbia’s long-term credit rating

The Republic of Serbia cooperates with S&P, Fitch and Moody’s. These two agencies assess its short- and long-term foreign currency and local currency credit rating. The table below shows the current long-term foreign currency credit ratings of the Republic of Serbia, as assigned by previously mentioned agencies.

  Standard and Poor’s Fitch Ratings Moody’s Investors Service
Rating BB / stablee outlook BB / stable outlook Ba3 / stable outlook
Date 15 June 2018 9 November 2018 17 March 2017
Action Rating affirmed Rating affirmed Rating upgraded

Source: Standard and Poor’s, Fitch Ratings

Serbia got its first credit rating (B+, stable outlook) from S&P on 1 November 2004. The assignment of credit rating by Fitch followed in 2005 (BB-, stable outlook), while Moody’s awarded its first credit rating to Serbia (B1, stable outlook) on 14 July 2013. . The tables below give a historical overview of Serbia’s long-term foreign currency credit ratings.

Standard and Poor’s

Rating / outlook Date Action
BB / stable 15 June 2018 Rating affirmed
Press release
BB / stable 15 December 2017 Rating upgraded
Press release
BB- / positive 16 June 2017 Rating affirmed
Press release
BB- / positive 16 December 2016 Rating affirmed
Press release
BB- / stable 1 July 2016 Rating affirmed
Press release
BB- / stable 15 January 2016 Rating affirmed
Press release
BB- / negative 16 January 2015 Rating affirmed
Press release
BB- / negative 11 April 2014 Rating affirmed
Press release
BB- / negative 25 October 2013 Rating affirmed
Press release
BB- / negative 28 March 2013 Rating affirmed
Press release
BB- / negative 7 August 2012 Rating downgraded
Press release
BB / stable 16 March 2012 Rating affirmed
Press release
BB / stable 16 March 2012 Rating upgraded
Press release
BB- / stable 1 December 2009 Rating affirmed
Press release
BB- / negative 31 July 2009 Rating affirmed
Press release
BB- / negative 19 December 2008 Rating affirmed
Press release
BB- / negative 11 March 2008 Rating affirmed
Press release
BB- / stable 10 July 2007 Rating affirmed
Press release
BB- / positive 25 April 2007 Rating affirmed
Press release
BB- / positive 28 February 2006 Rating affirmed
Press release
BB- / stable 18 July 2005 Rating upgraded
Press release
B+ / stable 8 April 2005 Rating affirmed
Press release
B+ / stable 1 November 2004 Rating assigned
Press release

Source: Standard and Poor’s

Fitch Ratings

Rating / outlook Date Action
BB / stable 9 November 2018 Rating affirmed
Press release
BB / stable 15 June 2018 Rating affirmed
Press release
BB / stable 15 December 2017 Rating upgraded
Press release
BB- / stable 16 June 2017 Rating affirmed
Press release
BB- / stable 16 December 2016 Rating affirmed
Press release
BB- / stable 17 June 2016 Rating upgraded
Press release
B+ / positive 18 December 2015 Rating affirmed
press release
B+ / stable 3 July 2015 Rating affirmed
press release
B+ / stable 9 January 2015 Rating affirmed
press release
B+ / stable 11 July 2014 Rating affirmed
press release
B+ / stable 17 January 2014 Rating downgraded
press release
BB- / negative 26 July 2013 Rating affirmed
press release
BB- / negative 16 August 2012 Rating affirmed
press release
BB- / stable 9 November 2011 Rating affirmed
press release
BB- / stable 11 November 2010 Rating affirmed
press release
BB- / negative 28 October 2009 Rating affirmed
press release
BB- / negative 23 December 2008 Rating affirmed
press release
BB- / stable 2 August 2007 Rating affirmed
press release
BB- / stable 25 April 2006 Rating affirmed
press release
BB- / stable 19 May 2005 Rating assigned
press release

Source: Fitch Ratings

Moody’s Investors Service

Rating / outlook Date Action
Ba3 / stable 17 March 2017 Rating upgraded
Press release
B1 / positive 18 March 2016 Rating affirmed
Press release
B1 / stable 14 July 2013 Rating assigned
press release

Source: Moody’s Investors Service