Moody's rates Strumica, Veles B1

Moody's Investors Service said it assigned issuer ratings of B1 to the Macedonian municipalities of Strumica and Veles.

The outlook is stable.

The ratings are underpinned by the municipalities' solid overall budgetary performances and lack of any direct-debt exposure, Moody's said.

However, this should be considered in the context of the immature and untested institutional and financial frameworks that govern Macedonian local governments, the agency said.

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