Fitch ups Macedonia view to stable

Fitch Ratings said it revised Macedonia's outlook to stable from negative, and affirmed its long-term foreign-currency issuer default rating at BB+, long-term local-currency issuer default rating at BB+, short-term foreign-currency issuer default rating at B and country ceiling at BBB-.

The outlook revision reflects reduced pressure on its external finances, as the current account deficit has narrowed significantly and foreign-exchange reserves have fully recovered after falling sharply during the initial phase of the global financial crisis, the agency said.

Disciplined fiscal policy has kept the budget deficit at less than 3% of GDP, Fitch said, and the start of a recovery in output further supported the outlook change.

Public finances also are a rating strength, the agency added.

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