Fitch cuts Macedonia outlook to stable

Fitch Ratings said it has revised the outlook on the Republic of Macedonia's foreign currency and local currency issuer default ratings to stable from positive.

The agency has affirmed the issuer default ratings at BB+, the short-term foreign currency rating at B and the Country Ceiling at BBB-, the agency said.

"The downward revision in the outlook to stable reflects both a marked widening in the current account deficit this year at a time when financing is becoming more uncertain and adverse political events that make the prospect of Macedonia's EU accession more distant," said Chris Pryce, director in Fitch's European sovereigns group.

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