The credit rating agency Moody’s on Wednesday upgraded the long-term credit ratings of Belgrade and Novi Sad from Ba3 to Ba2 with a stable outlook.
Moody’s Public Sector Europe said it expected Belgrade’s significant financial position to be largely retained and the city’s debt burden to continue to decline.
“The credit rating upgrade is a great recognition for Belgrade and our public finances. Few cities in the world have had their credit ratings upgraded during the pandemic. The only cities that have managed to do that were those with a responsible attitude towards public finances and those that were frugal and did not squander or borrow money,” Belgrade Deputy Mayor Goran Vesic said.
Moody’s also said the Novi Sad city budget had been managed consistently and that, with good fiscal discipline overall, it had withstood the impact of the coronavirus-induced shock.
“This is a huge success for all of us. Serbia is one of the few countries that have managed to get their credit ratings revised upwards in a difficult year in which the pandemic virtually paralysed some of the world’s leading economies as well. That is a confirmation of our responsible policy, which is focused on preserving the health of our citizens as well as on preserving our economy,” Novi Sad Mayor Milos Vucevic said.
