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Serbia Credit Ratings & Outlooks
Country | Moody's | S&P | Fitch | DBRS | Scope Ratings |
|---|---|---|---|---|---|
Ba2 Stable | BB+ Positive | BB+ Stable | NR — | BB+ Stable |
Credit Rating History
Country | Date of Change | Rating Agency | Previous Rating | Previous Outlook | Current Rating | Current Outlook |
|---|---|---|---|---|---|---|
| Feb 27, 2026 | Moody's | Ba2 | Positive | Ba2 | Stable | |
| Jun 27, 2025 | Scope Ratings | BB+ | Positive | BB+ | Stable | |
| Aug 30, 2024 | Moody's | Ba2 | Stable | Ba2 | Positive | |
| Jul 26, 2024 | Scope Ratings | BB+ | Stable | BB+ | Positive | |
| Apr 05, 2024 | S&P | BB+ | Stable | BB+ | Positive | |
| Jun 10, 2022 | S&P | BB+ | Stable | BB+ | Stable | |
| Jun 03, 2022 | Scope Ratings | NR | — | BB+ | Stable | |
| Mar 12, 2021 | Moody's | Ba3 | Positive | Ba2 | Stable | |
| May 01, 2020 | S&P | BB+ | Positive | BB+ | Stable | |
| Dec 13, 2019 | S&P | BB | Positive | BB+ | Positive | |
| Sep 27, 2019 | Fitch | BB | Stable | BB+ | Stable | |
| Sep 06, 2019 | Moody's | Ba3 | Stable | Ba3 | Positive | |
| Dec 14, 2018 | S&P | BB | Stable | BB | Positive | |
| Dec 15, 2017 | S&P | BB- | Positive | BB | Stable | |
| Dec 15, 2017 | Fitch | BB- | Stable | BB | Stable | |
| Mar 17, 2017 | Moody's | B1 | Positive | Ba3 | Stable | |
| Dec 16, 2016 | S&P | BB- | Stable | BB- | Positive | |
| Jun 17, 2016 | Fitch | B+ | Positive | BB- | Stable | |
| Mar 18, 2016 | Moody's | B1 | Stable | B1 | Positive | |
| Jan 15, 2016 | S&P | BB- | Negative | BB- | Stable |
Table Key
| Grade | Moody's | S&P | Fitch | DBRS | Scope Ratings |
|---|---|---|---|---|---|
Prime | Aaa | AAA | AAA | AAA | AAA |
High Grade | Aa1 | AA+ | AA+ | AA (high) | AA+ |
Aa2 | AA | AA | AA | AA | |
Aa3 | AA- | AA- | AA (low) | AA- | |
Upper Medium Grade | A1 | A+ | A+ | A (high) | A+ |
A2 | A | A | A | A | |
A3 | A- | A- | A (low) | A- | |
Lower Medium Grade | Baa1 | BBB+ | BBB+ | BBB (high) | BBB+ |
Baa2 | BBB | BBB | BBB | BBB | |
Baa3 | BBB- | BBB- | BBB (low) | BBB- | |
Non-investment Grade Speculative | Ba1 | BB+ | BB+ | BB (high) | BB+ |
Ba2 | BB | BB | BB | BB | |
Ba3 | BB- | BB- | BB (low) | BB- | |
Highly Speculative Grade | B1 | B+ | B+ | B (high) | B+ |
B2 | B | B | B | B | |
B3 | B- | B- | B (low) | B- | |
Substantial Risk Grade | Caa1 | CCC+ | CCC+ | CCC | |
Caa2 | CCC | CCC | CCC | CCC | |
Caa3 | CCC- | CCC- | CCC | ||
Extremely Speculative Grade | Ca | CC | CC | CC | CC |
C | CC | C | |||
In Default with Little Prospect for Recovery | CD | RD | RD | ||
In Default | SD | SD | |||
C | D | D | D | D | |
DD | DD | ||||
DDD | DDD | ||||
Not Rated | NR | NR | NR | NR | NR |
FAQ
What is Serbia’s current credit rating?
Serbia’s sovereign credit rating reflects its government’s ability and willingness to meet debt obligations. It is assigned by major agencies such as S&P, Moody’s, Fitch, DBRS, and Scope, and represents how international markets view Serbia’s credit risk.
Has Serbia’s credit rating changed recently?
This page lists the latest rating and outlook actions for Serbia, showing when each agency last reviewed or changed its assessment.
Why does Serbia’s credit rating matter to investors?
Ratings directly affect borrowing costs, investor confidence, and market access. Changes can influence Serbia's bond yields, currency, and equity flows as investors reassess risk.
How does Serbia’s rating compare to other countries?
You can explore how Serbia ranks globally using our Credit Ratings Hub, which displays all countries’ ratings from S&P, Moody’s, Fitch, DBRS, and Scope.
What do outlooks like Positive, Stable, and Negative mean?
They indicate the expected direction of a rating. Positive signals a possible upgrade, Stable means no change is likely, and Negative points to potential downgrade risk
What is the difference between investment grade and speculative grade?
Investment grade (BBB−/Baa3 or higher) means relatively low risk and steady market access. A speculative grade (BB+/Ba1 or lower) signals higher risk and volatility, but can attract yield-seeking investors.
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