The NBS Head Office Building was built from 1888 – 1890, on the basis of blueprints designed by Konstantin Jovanovic (Vienna 1849 – Zurich 1923), son to distinguished artist Anastas Jovanovic...
The Republic of Serbia cooperates with S&P, Fitch and Moody’s. These agencies assess its short- and long-term foreign currency and local currency credit rating. The table below shows the current long-term foreign currency credit ratings of the Republic of Serbia, as assigned by previously mentioned agencies.
| Rating | Date | Action | |
|---|---|---|---|
| Standard & Poor’s | BBB- / stable outlook | 04 October 2024 | Rating upgraded |
| Fitch Ratings | BB+ / positive outlook | 25 July 2025 | Rating affirmed |
| Moody's Ratings | Ba2 / positive outlook | 30 August 2024 | Rating affirmed |
Source: Standard & Poor’s, Fitch Ratings and Moody’s Investors Service
| Date | Rating | Action |
|---|---|---|
| 04/ 10/ 2024 | BBB- / stable outlook | Rating upgraded Press release |
| 05/ 04/ 2024 | BB+ / positive outlook | Rating affirmed Press release |
| 06/ 10/ 2023 | BB+ / stable outlook | Rating affirmed Press release |
| 10/ 04/ 2023 | BB+ / stable outlook | Rating affirmed |
| 09/ 12/ 2022 | BB+ / stable outlook | Rating affirmed Press release |
| 10/ 06/ 2022 | BB+ / stable outlook | Rating affirmed Press release |
| 10/ 12/ 2021 | BB+ / positive outlook | Rating affirmed Press release |
| 11/ 06/ 2021 | BB+ / stable outlook | Rating affirmed Press release |
| 14/ 12/ 2020 | BB+ / stable outlook | Rating affirmed |
| 01/ 05/ 2020 | BB+ / stable outlook | Rating affirmed Press release |
| 13/ 12/ 2019 | BB+ / positive outlook | Rating upgraded Press release |
| 15/ 06/ 2019 | BB / positive outlook | Rating affirmed |
| 14/ 12/ 2018 | BB / positive outlook | Rating affirmed Press release |
| 15/ 06/ 2018 | BB / stable outlook | Rating affirmed Press release |
| 15/ 12/ 2017 | BB / stable outlook | Rating upgraded Press release |
| 16/ 06/ 2017 | BB- / positive outlook | Rating affirmed Press release |
| 16/ 12/ 2016 | BB- / positive outlook | Rating affirmed Press release |
| 01/ 07/ 2016 | BB- / stable outlook | Rating affirmed Press release |
| 15/ 01/ 2016 | BB- / stable outlook | Rating affirmed Press release |
| 17/ 07/ 2015 | BB- /negative outlook | Rating affirmed Press release |
| 16/ 01/ 2015 | BB- /negative outlook | Rating affirmed Press release |
| 11/ 04/ 2014 | BB- /negative outlook | Rating affirmed Press release |
| 25/ 10/ 2013 | BB- /negative outlook | Rating affirmed Press release |
| 28/ 03/ 2013 | BB- /negative outlook | Rating affirmed Press release |
| 07/ 08/ 2012 | BB- /negative outlook | Rating downgraded Press release |
| 16/ 03/ 2012 | BB / stable outlook | Rating affirmed Press release |
| 16/ 03/ 2011 | BB / stable outlook | Rating upgraded Press release |
| 01/ 12/ 2009/ | BB- / stable outlook | Rating affirmed Press release |
| 31/ 07/ 2009 | BB- /negative outlook | Rating affirmed Press release |
| 19/ 12/ 2008 | BB- /negative outlook | Rating affirmed Press release |
| 11/ 03/ 2008 | BB- /negative outlook | Rating affirmed Press release |
| 10/ 07/ 2007 | BB- / stable outlook | Rating affirmed Press release |
| 25/ 04/ 2007 | BB- / positive outlook | Rating affirmed Press release |
| 28/ 02/ 2006 | BB- / positive outlook | Rating affirmed Press release |
| 18/ 07/ 2005 | BB- / stable outlook | Rating upgraded Press release |
| 08/ 04/ 2005 | B+ / stable outlook | Rating affirmed Press release |
| 01/ 11/ 2004 | B+ / stable outlook | Rating assigned Press release |
Source: Standard & Poor’s
| Date | Rating | Action |
|---|---|---|
| 25/07/2025 | BB+ / positive outlook | Rating affirmed Press realase |
| 31/01/2025 | BB+ / positive outlook | Rating affirmed Press realase |
| 09/08/2024 | BB+ / positive outlook | Rating affirmed Press realase |
| 09/02/2024 | BB+ / stable outlook | Rating affirmed Press realase |
| 11/08/2023 | BB+ / stable outlook | Rating affirmed Press realase |
| 17/02/2023 | BB+ / stable outlook | Rating affirmed Press release |
| 19/08/2022 | BB+ / stable outlook | Rating affirmed Press release |
| 25/02/2022 | BB+ / stable outlook | Rating affirmed Press release |
| 03/09/2021 | BB+ / stable outlook | Rating affirmed Press release |
| 19/03/2021 | BB+ / stable outlook | Rating affirmed Press release |
| 25/09/2020 | BB+ / stable outlook | Rating affirmed Press release |
| 27/03/2020 | BB+ / stable outlook | Rating affirmed Press release |
| 27/09/2019 | BB+ / stable outlook | Rating upgraded Press release |
| 03/05/2019 | BB / stable outlook | Rating affirmed Press release |
| 09/11/2018 | BB / stable outlook | Rating affirmed Press release |
| 15/06/2018 | BB / stable outlook | Rating affirmed Press release |
| 15/12/2017 | BB / stable outlook | Rating upgraded Press release |
| 16/06/2017 | BB- / stable outlook | Rating affirmed Press release |
| 16/12/2016 | BB- / stable outlook | Rating affirmed Press release |
| 17/06/2016 | BB- / stable outlook | Rating upgraded Press release |
| 18/12/2015 | B+ / positive outlook | Rating affirmed Press release |
| 03/07/2015 | B+ / stable outlook | Rating affirmed Press release |
| 09/01/2015 | B+ / stable outlook | Rating affirmed Press release |
| 11/07/2014 | B+ / stable outlook | Rating affirmed Press release |
| 17/01/2014 | B+ / stable outlook | Rating downgraded Press release |
| 26/07/2013 | BB- / negative outlook | Rating affirmed Press release |
| 16/08/2012 | BB- / negative outlook | Rating affirmed Press release |
| 09/11/2011 | BB- / stable outlook | Rating affirmed Press release |
| 11/11/2010 | BB- / stable outlook | Rating affirmed Press release |
| 28/10/2009 | BB- / negative outlook | Rating affirmed Press release |
| 23/12/2008 | BB- / negative outlook | Rating affirmed Press release |
| 02/08/2007 | BB- / stable outlook | Rating affirmed Press release |
| 25/04/2006 | BB- / stable outlook | Rating affirmed Press release |
| 19/05/2005 | BB- / stable outlook | Rating assigned Press release |
Source: Fitch Ratings
| Date | Rating | Action |
|---|---|---|
| 30/08/2024 | Ba2 / positive outlook | Rating affirmed press release |
| 08/09/2023 | Ba2 / stable outlook | Rating affirmed press release |
| 12/03/2021 | Ba2 / stable outlook | Rating upgraded press release |
| 02/09/2020 | Ba3 / positive outlook | Rating affirmed press release |
| 06/09/2019 | Ba3 / positive outlook | Rating affirmed press release |
| 17/03/2017 | Bа3 / stable outlook | Rating upgraded press release |
| 18/03/2016 | B1 / positive outlook | Rating affirmed press release |
| 14/07/2013 | B1 / stable outlook | Rating assigned press release |
Source: Moody’s Investors Service
Serbia got its first credit rating (B+, stable outlook) from S&P on 1 November 2004. The assignment of credit rating by Fitch followed in 2005 (BB-, stable outlook), while Moody’s awarded its first credit rating to Serbia (B1, stable outlook) on 14 July 2013. The tables below give a historical overview of Serbia’s long-term foreign currency credit ratings.