Fitch Ratings downgraded Serbia’s long-term foreign and local currency issuer default ratings Friday to B-plus from double-B-minus, as the country’s public finances continue to crumble amid slow growth.
The ratings firm said it expects Serbia’s public debt to grow to 70% of its gross domestic product over the next year from 63% currently, significantly higher than other similarly rated countries. “Real GDP grew 2.3% in 2013, largely driven by an increase in automotive exports and a productive agricultural…
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