Fitch upgrades North Macedonia

Fitch Ratings said it upgraded North Macedonia's long-term foreign and local-currency issuer default ratings to BB+ from BB.

The outlook is stable.

The upgrades reflect the sustained period of improved governance standards, underpinning reform implementation and providing greater reassurance that the country will not revert to the political paralysis it experienced in 2014 through 2017, Fitch explained.

This has facilitated further progress towards NATO membership and the opening of European Union accession negotiations, which support investor confidence and act as policy anchors for sustained reform and macroeconomic stability, the agency said.

Since our last review in January, the Greek parliament has ratified the name change to the Republic of North Macedonia, resolving the long-standing dispute, which paved the way for the signing of the NATO protocol in February with membership expected next year, Fitch said.

The ratings also consider a track record of coherent macroeconomic and financial policy, which underpins the longstanding exchange rate peg to the euro, the agency said, and a somewhat more favorable governance and human development indicators than the BB medians.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.