Fitch: Macedonia Retains Bb+ Credit Rating

The international agency Fitch Ratings has affirmed Macedonia's fiscal stability by retaining its BB+ credit rating. The country is awarded with positive foreign and local currency outlook.

The rating is based on solid macroeconomic policy frame, low government's debt and deficit, as well as stable banking system. However, fiscal vulnerability and  political risks are still present, says Matteo Napolitano, Director EMEA sovereigns at Fitch Ratings.

The agency expects for the government to meet or slightly surpass the deficit target of 2,5 per cent of GDP. Fitch forecasts for the deficit to be brought down to 2 per cent in 2013.

In regard to the banking system, Macedonia remains at low risk level in comparison to other countries in the region, Fitch Ratings says in a press release.