S&P Global Ratings has confirmed Serbia’s investment grade rating at BBB- with a stable outlook. According to the report, despite increased political uncertainty and challenges in the energy sector, Serbia continues to demonstrate macroeconomic stability, supported by a credible fiscal policy framework and adequate foreign exchange reserves, the Ministry of Finance reported via RTS.
The agency highlighted that the Serbian government remains committed to maintaining a budget deficit target of three percent of GDP until 2028, which is expected to stabilize public debt at around 38 percent of GDP in the medium term. Total foreign exchange reserves, including bank reserves, are considered adequate, amounting to €31.3 billion as of July 2025. However, the report notes that potential risks remain due to lower inflows of foreign direct investment.
In the energy sector, NIS continues to face risks from potential sanctions linked to Russian ownership, but the baseline scenario assumes that Serbia, in cooperation with partners from the U.S. and Russia, will secure a lasting solution to ensure energy supply security.
The stable outlook reflects the agency’s assessment that domestic and international risks are balanced by strong domestic demand, foreign investment support, and continued strengthening of fiscal and external buffers.
