Fitch affirms Macedonian BB+ credit rating

International credit ratings agency Fitch affirmed Macedonia's BB+ credit rating for the tenth year in a row. The basis for the rating is the growth of the gross domestic product and the social development, which Fitch sees as above the BB average.

The ratings agency also notes that Macedonia is among the top 30 countries in ease of doing business, ranked by the World Bank. Furthermore, the report notes that Macedonia has reduced its unemployment rate, from the astronomical high of 37 percent in 2005, down to 27 percent. Banks are seen as highly liquid, including the two banks in Greek ownership.

A risk element in the report is the political situation in the country, which Fitch notes is being overcome by the agreement brokered by European Commissioner Johannes Hahn.

In the future Fitch predicts that Macedonia will maintain a stable fiscal and monetary policy, and our main trade partners in the European Union will continue their economic recovery, boosting Macedonian exports.