Fitch cuts Serbia outlook to negative

Fitch Ratings said it has revised the outlooks on the Republic of Serbia's long-term issuer default ratings to negative from stable.

The agency added that its ratings are affirmed at long-term foreign and local currency issuer default rating BB-, and short-term foreign currency issuer default rating B while Serbia's Country Ceiling is affirmed at BB-.

"The negative outlook reflects Fitch's view that the deterioration in global economic and financial conditions have heightened downside credit risk given Serbia's relatively high external debt stock, wide current account deficit and large external financing requirement," said David Heslam, director in Fitch's sovereign team.

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