Rating: Serbia Credit Rating 2025

Rating Moody's Serbia

Long term Rating				Short term Rating
Foreign currency		Local currency		Foreign currency		Local currency
Date	Rating(Outlook)	Date	Rating	Date	Rating	Date	Rating

Rating S&P Serbia

Long term Rating				Short term Rating
Foreign currency		Local currency		Foreign currency		Local currency
Date	Rating(Outlook)	Date	Rating	Date	Rating	Date	Rating
2024-10-04	BBB- (Stable)
2024-04-05	BB+ (Positive)
2022-06-10	BB+ (Stable)
2021-12-10	BB+ (Positive)
2020-05-01	(Stable)
2019-12-13	BB+ (Positive)	2024-10-04	BBB-
2018-12-14	(Positive)	2024-04-05	BB+
2017-12-15	BB (Stable)	2022-06-10	BB+
2016-12-16	(Positive)	2021-12-10	BB+
2016-01-15	(Stable)	2019-12-13	BB+
2015-01-16	(Negative)	2017-12-15	BB
2012-08-07	BB- (Negative)	2012-08-07	BB-	2024-10-04	A-3	2024-10-04	A-3
2011-03-16	BB (Stable)	2011-03-16	BB	2004-11-01	B	2004-11-01	B

S&P: Long term Rating

Rating Fitch Serbia

Long term Rating				Short term Rating
Foreign currency		Local currency		Foreign currency		Local currency
Date	Rating(Outlook)	Date	Rating	Date	Rating	Date	Rating
		2020-03-27	BB+	2020-03-27	B
		2019-09-27	BB+	2019-09-27	B
		2019-05-03	BB	2019-05-03	B
2020-03-27	BB+	2018-11-09	BB	2018-11-09	B
2019-09-27	BB+ (Stable)	2018-06-15	BB	2018-06-15	B
2019-05-03	BB	2017-12-15	BB	2017-12-15	B
2018-11-09	BB	2017-06-16	BB-	2017-06-16	B
2018-06-15	BB (Stable)	2016-12-16	BB-	2016-12-16	B
2017-12-15	BB (Stable)	2016-07-22	BB-	2016-07-22	B
2017-06-16	BB- (Stable)	2016-06-17	BB-	2016-06-17	B
2016-12-16	BB- (Stable)	2015-12-18	B+	2015-12-18	B
2016-07-22	BB- (Stable)	2015-07-03	B+	2015-07-03	B
2016-06-17	BB- (Stable)	2015-01-09	B+	2015-01-09	B
2015-12-18	B+ (Positive)	2014-09-30	B+	2014-09-30	B
2015-07-03	B+	2014-09-22	B+	2014-09-22	B
2015-01-09	B+	2014-09-09	B+	2014-09-09	B
2014-09-30	B+ (Stable)	2014-08-29	B+	2014-08-29	B
2014-09-22	B+ (Stable)	2014-08-20	B+	2014-08-20	B
2014-09-09	B+ (Stable)	2014-08-07	B+	2014-08-07	B
2014-08-29	B+ (Stable)	2014-07-31	B+	2014-07-31	B
2014-08-20	B+ (Stable)	2014-07-11	B+	2014-07-11	B
2014-08-07	B+ (Stable)	2014-07-04	B+	2014-07-04	B
2014-07-31	B+ (Stable)	2014-06-27	B+	2014-06-27	B
2014-07-11	B+ (Stable)	2014-06-19	B+	2014-06-19	B
2014-07-04	B+ (Stable)	2014-06-12	B+	2014-06-12	B
2014-06-27	B+ (Stable)	2014-06-04	B+	2014-06-04	B
2014-06-19	B+ (Stable)	2014-05-30	B+	2014-05-30	B
2014-06-12	B+ (Stable)	2014-05-22	B+	2014-05-22	B
2014-06-04	B+ (Stable)	2014-05-06	B+	2014-05-06	B
2014-05-30	B+ (Stable)	2014-04-28	B+	2014-04-28	B
2014-05-22	B+ (Stable)	2014-04-24	B+	2014-04-24	B
2014-05-06	B+ (Stable)	2014-04-14	B+	2014-04-14	B
2014-04-28	B+ (Stable)	2014-04-11	B+	2014-04-11	B
2014-04-24	B+ (Stable)	2014-03-31	B+	2014-03-31	B
2014-04-14	B+ (Stable)	2014-03-28	B+	2014-03-28	B
2014-04-11	B+ (Stable)	2014-03-10	B+	2014-03-10	B
2014-03-31	B+ (Stable)	2014-03-05	B+	2014-03-05	B
2014-03-28	B+ (Stable)	2014-01-31	B+	2014-01-31	B
2014-03-10	B+ (Stable)	2014-01-17	B+	2014-01-17	B
2014-03-05	B+ (Stable)	2013-12-30	BB-	2013-12-30	B
2014-01-31	B+ (Stable)	2013-12-27	BB-	2013-12-27	B
2014-01-17	B+ (Stable)	2013-12-18	BB-	2013-12-18	B
2013-12-30	BB- (Negative)	2013-12-13	BB-	2013-12-13	B
2013-12-27	BB- (Negative)	2013-12-05	BB-	2013-12-05	B
2013-12-18	BB- (Negative)	2013-11-25	BB-	2013-11-25	B
2013-12-13	BB- (Negative)	2013-10-31	BB-	2013-10-31	B
2013-12-05	BB- (Negative)	2013-10-24	BB-	2013-10-24	B
2013-11-25	BB- (Negative)	2013-09-30	BB-	2013-09-30	B
2013-10-31	BB- (Negative)	2013-08-30	BB-	2013-08-30	B
2013-10-24	BB- (Negative)	2013-07-29	BB-	2013-07-29	B
2013-09-30	BB- (Negative)	2013-07-26	BB-	2013-07-26	B
2013-08-30	BB- (Negative)	2013-07-15	BB-	2013-07-15	B
2013-07-29	BB- (Negative)	2013-07-04	BB-	2013-07-04	B
2013-07-26	BB- (Negative)	2013-06-24	BB-	2013-06-24	B
2013-07-15	BB- (Negative)	2013-06-07	BB-	2013-06-07	B
2013-07-04	BB- (Negative)	2013-05-07	BB-	2013-05-07	B
2013-06-24	BB- (Negative)	2013-03-08	BB-	2013-03-08	B
2013-06-07	BB- (Negative)	2013-02-28	BB-	2013-02-28	B
2013-05-07	BB- (Negative)	2012-11-16	BB-	2012-11-16	B
2013-03-08	BB- (Negative)	2012-10-12	BB-	2012-10-12	B
2012-08-17	BB- (Negative)	2012-08-17	BB-	2012-08-17	B
2012-07-12	BB- (Stable)	2012-07-12	BB-	2012-07-12	B
2012-04-30	BB- (Stable)	2012-04-30	BB-	2012-04-30	B
2012-02-24	BB- (Stable)	2012-02-24	BB-	2012-02-24	B
2012-01-18	BB- (Stable)	2012-01-18	BB-	2012-01-18	B
2011-11-09	BB- (Stable)	2011-11-09	BB-	2011-11-09	B	2020-03-27	B
2011-09-22	BB- (Stable)	2011-09-22	BB-	2011-09-22	B	2019-09-27	B
2010-11-11	BB- (Stable)	2010-11-11	BB-	2010-11-11	B	2019-05-03	B
2008-12-23	BB- (Negative)	2008-12-23	BB-	2008-12-23	B	2018-11-09	B
2005-05-19	BB- (Stable)	2005-05-19	BB-	2005-05-19	B	2018-06-15	B

Fitch: Long term Rating

Grade	Moody's	S&P	Fitch
Prime	Aaa	AAA	AAA
High grade	Aa1	AA+	AA+
	Aa2	AA	AA
	Aa3	AA-	AA-
Upper medium grade	A1	A+	A+
	A2	A	A
	A3	A-	A-
Lower medium grade	Baa1	BBB+	BBB+
	Baa2	BBB	BBB
	Baa3	BBB-	BBB-
Non-investment grade speculative	Ba1	BB+	BB+
	Ba2	BB	BB
	Ba3	BB-	BB-
Highly speculative	B1	B+	B+
	B2	B	B
	B3	B-	B-
Substantial risks	Caa1	CCC+	CCC+
	Caa2	CCC	CCC
	Caa3	CCC-	CCC-
Extremely speculative	Ca	CC	CC
Extremely speculative			C
In default with little prospect for recovery		SD	RD
In default	C	D	D
			DD
			DDD
Not rated	WR	NR

Grade	Moodys	S&P	Fitch
High grade	P-1	A-1+	F1+
Upper medium grade	P-1	A-1	F1
Lower medium grade	P-2	A-2	F2
Non-investment grade speculative	P-3	A-3	F3
Highly speculative		B	B
Extremely speculative	NP	C	C