Serbia Credit Rating

Current Serbia credit ratings, according to the main rating agencies, provide a snapshot of the country’s creditworthiness and financial stability. These ratings are critical for understanding how international and domestic investors perceive Serbia ability to honor its financial commitments.

The ratings are determined by comprehensive evaluations conducted by major credit rating agencies such as Standard & Poor's (S&P), Moody's, and Fitch Ratings. Each of these agencies uses a distinct rating scale and methodology to assess the economic and financial health of Serbia, taking into account various factors such as economic performance, fiscal policies, political stability, and debt levels.

The table below shows the current Serbia credit ratings, according to the main rating agencies.

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Rating Agency Rating Outlook Last Update Action
Standard & Poor's BBB- - 7 Oct 2024 rating upgrade
Moody's Investors Service Ba2 positive 2 Sep 2024 outlook upgrade
Fitch Ratings BB+ - 28 Sep 2019 rating upgrade
DBRS - -

Serbia: Long-term Rating Scales Comparison

Serbia long-term credit ratings, as assigned by major rating agencies, offer a comparative insight into the country's creditworthiness over an extended period. Each rating agency uses its own scale to evaluate the credit risk associated with Serbia sovereign debt. These scales help investors understand the likelihood that Serbia will meet its financial obligations.

Symbol means a positive outlook assigned by the rating agency.
Symbol means a negative outlook.
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Grade Description S&P Moody's Fitch DBRS
Investment
Grade
Prime
AAA
Aaa
AAA
AAA
High Medium Grade
AA+
Aa1
AA+
AA(high)
AA
Aa2
AA
AA
AA-
Aa3
AA-
AA(low)
Upper Medium Grade
A+
A1
A+
A(high)
A
A2
A
A
A-
A3
A-
A(low)
Lower Medium Grade
BBB+
Baa1
BBB+
BBB(high)
BBB
Baa2
BBB
BBB
BBB-
Baa3
BBB-
BBB(low)
Speculative
Grade
Speculative
BB+
Ba1
BB+
BB(high)
BB
Ba2
BB
BB
BB-
Ba3
BB-
BB(low)
Highly Speculative
B+
B1
B+
B(high)
B
B2
B
B
B-
B3
B-
B(low)
Substantial Risk
CCC+
Caa1
CCC+
CCC(high)
CCC
Caa2
CCC
CCC
CCC-
Caa3
CCC-
CCC(low)
Extremely Speculative
CC
Ca
CC
CC
C
C
C
C
In Default
RD
/
RD
RD
SD
/
SD
SD
D•NR
D•NR
D•NR
D•NR
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Serbia Credit Ratings historical data

Not enough data.

Timetable of Serbia credit ratings by S&P, Moody's, Fitch and DBRS agencies.
Symbol means a positive outlook assigned by the rating agency.
Symbol means a negative outlook.
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Date S&P Moody's Fitch DBRS
7 Oct 2024 BBB-
2 Sep 2024 Ba2
8 Apr 2024 BB+
11 Jun 2022 BB+
1 Jun 2022 BB+
13 Mar 2021 Ba2
2 May 2020 BB+
14 Dec 2019 BB+
28 Sep 2019 BB+
7 Sep 2019 Ba3
17 Dec 2018 BB
15 Dec 2017 BB BB
17 Mar 2017 Ba3
16 Dec 2016 BB-
17 Jun 2016 BB-
18 Mar 2016 B1
15 Jan 2016 BB-
18 Dec 2015 B+
17 Jan 2014 B+
14 Jul 2013 B1
16 Aug 2012 BB-
7 Aug 2012 BB-
16 Mar 2011 BB
11 Nov 2010 BB-
1 Dec 2009 BB-
23 Dec 2008 BB-
11 Mar 2008 BB-
10 Jul 2007 BB-
28 Feb 2006 BB-
18 Jul 2005 BB-
19 May 2005 BB-
1 Nov 2004 B+
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