S&P ups Serbia’s long-term rating to BB

S&P said it raised its long-term foreign and local currency sovereign credit ratings on Serbia to BB from BB-. The outlook is stable.

S&P also affirmed the B short-term foreign and local currency sovereign credit ratings.

At the same time, S&P revised its Transfer and Convertibility (T&C) assessment to BB+ from BB.

“The upgrade reflects Serbia's stronger fiscal metrics, underpinned by years ofcost-containing efforts and revenue overperformance, amid steady economic recovery and contained current account deficits,” S&P said in a news release.

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