Skopje, 14 November 2020
Fitch Ratings has affirmed the credit rating for our country at BB+ with a Negative Outlook, which mainly reflects uncertainty due to the resurgence of infection rates. The rating is supported by the track record of coherent macroeconomic policies, which underpins the longstanding exchange rate peg to the euro, as well as the fact that the banking sector and the economy’s access to external finances have shown resilience to the coronavirus shock. Announcing this, the agency presented in more detail its views on the overall Macedonian economy, as well as the expectations for the upcoming period.
Fitch Ratings, inter alia, indicates that sound fundamentals of the banking sector, together with policy support, has helped it absorb the coronavirus shock while maintaining lending growth of close to 7% this year. The banking sector has remained liquid and adequately capitalized, with robust profitability and improved credit quality.
According to the agency, the recent upsurge in COVID-19 is a major risk to export demand and foreign investment, and thus to economic growth in the coming period. On the other hand, the focus on structural and institutional reforms within the EU integration process remains a positive risk.
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