S&P affirms Macedonia

Standard & Poor's said it affirmed its long-term BB+ foreign currency and long-term BBB- local currency ratings on the Republic of Macedonia.

At the same time, the B short-term foreign currency and the A-3 short-term local currency ratings were also affirmed, the agency said.

The outlook is stable.

The ratings on Macedonia reflect structural rigidities, labor market challenges, limited fiscal flexibility and residual political tensions among political parties, the agency noted, adding that they are supported, however, by prudent macroeconomic policies underpinned by stable economic growth, sound fiscal results and the implementation of comprehensive structural reforms.

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