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.

No rating action has been taken on the notes issued by Muzinich Luxembourg Funding Sarl - Compartment Pan III 1K, an up to EUR 30m securitisation of a Luxembourg corporate loans direct lending fund.

The revised Outlook to Positive from Stable reflects an improved financial risk profile which is driven by higher revenue and EBITDA growth while keeping indebtedness stable.

The periodic review has resulted in no rating action.