Moody's cuts two Serbian cities

Moody's Investors Service said it downgraded the City of Novi Sad's issuer rating to B1 from Ba3 and the City of Valjevo's issuer rating to B2 from B1.

The outlook on both ratings remains stable.

Moody's said the actions reflect the more challenging operating environment for Serbian local governments due to the country's subdued growth prospects and the sovereign's rising fiscal deficits. These challenges are encapsulated in the B1 rating assigned to the Republic of Serbia on July 14.

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