Fitch and Standard & Poor’s affirm Macedonia’s credit rating

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Major credit rating agencies Fitch and Standard & Poor’s have affirmed once again
the creating rating of the Republic of North Macedonia. Fitch has affirmed North
Macedonia’s credit rating at BB+ with negative outlook due to pandemic, while
Standard & Poor’s rating for North Macedonia stands at BB- with stable outlook,
Finance Ministry said in a press release on Saturday.
Both rating agencies, due to COVID-19 crisis and projections of the global economy
slowdown, predict economy contracts in 2020 and recovery, i.e. growth in 2021, with
Fitch forecasting economy contracts by 4.2% in 2020 and GDP growth of 5.1% in
2021, while Standard & Poor’s forecasts GDP to contract to 5% in 2020 and growth
of 3.8% in 2021.
“Credit rating agencies note measures taken by the government aimed at preserving
jobs, supporting the most affected industries as well as soft regulatory measures. As
stated in both reports, the measures will contribute to increasing the budget deficit
and will affect the increase of government debt which is projected to reach 50%.
Along with the economic recovery, it is planned to reduce and stabilize the budget
deficit,” Finance Ministry said.

Rating agencies assess the banking sector as stable as well as the domestic
currency which has fixed euro. They assess the banking sector as stable as well as
the domestic currency which has fixed euro exchange rate.

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