Strong macroeconomic fundamentals, robust economic-growth potential and a well-capitalised financial system anchor the ratings. Governance uncertainties over the long run, rising public debt and geopolitical risks are credit challenges.

The periodic review has resulted in no credit-rating action.

The periodic review has resulted in no rating action.

The periodic review has resulted in no rating action.

A large and well-diversified economy, strong trend growth, a resilient external sector, and unique capacity for reform anchor the rating. Rising public-sector debt, financial-system imbalances and weakening demographics are credit challenges.

Robust growth, favourable FDI prospects, and strengthened external metrics drive the Outlook revision. High external debt, institutional weaknesses, and political challenges for Serbia's EU membership remain constraints.

Sustained debt reduction, prudent fiscal policy, and improvements in the external position drive the Outlook revision. Still high public debt and a limited growth potential are credit constraints.

Highly rated shareholders, a strong guarantee mechanism and favourable capital market access support the rating; risks include high exposure to crisis countries and concentrated shareholder base.

A strong capital base, very high liquidity buffers, excellent capital market access and highly rated key shareholders support the rating. High crisis-country exposure and a concentrated shareholder structure are challenges.

Declining public debt, improved banking-system resilience and favourable structural-reform momentum drive Outlook revision. Very elevated government debt and sustained structural economic weaknesses remain credit constraints.