- Friday, October 19, 2012 4:33 PM
Ohrid, 19 October 2012 (MIA) - The Fitch's confirmation of Macedonia's credit rating is a clear message to investors that the country is stable and one that has been running sound economic policies, Vice-Premier, FinMin Zoran Stavreski said Friday.
The Fitch's affirmation is significant from two aspects. First it sends clear message to investors that the Republic of Macedonia is a stable country that conducts sound economic policies, and second - that the country will be offered better lending terms in its future contacts with banks on the market of capital, Stavreski said.
Considering the economic situation in Europe, Fitch and Standard & Poor's reaffirmed the credit rating of very few countries, on the contrary it has been slashed to four-five states in the region, Stavreski said.
The international agency Fitch Ratings affirmed Macedonia's fiscal stability by retaining its BB+ credit rating. The country is awarded with positive foreign and local currency outlook.
The rating is based on solid macroeconomic policy frame, low government's debt and deficit, as well as stable banking system. However, fiscal vulnerability and and political risks are still present, says Matteo Napolitano, Director EMEA sovereigns at Fitch Ratings.
The agency expects for the government to meet or slightly surpass the deficit target of 2,5 per cent of GDP. Fitch forecasts for the deficit to be brought down to 2 per cent in 2013.
In regard to the banking system, Macedonia remains at low risk level in comparison to other countries in the region, Fitch Ratings said in a press release. lk/16:25
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