| International ratings agency Dun & Bradstreet (D&B) maintained Serbia's rating at moderate risk DB4d in its June report. The ratings agency believes that the Serbian economy is on a path of stable, although slow recovery. D&B positively assessed the government's fiscal adjustment measures, such as limiting public sector salaries and pensions growth in the 2010-2012 period. However, some of these measures are of temporary character, and should be replaced with sustainable ones. The ratings agency also urged for reforms in health, education and state administration spending, noting that the authorities would also have to undertake tax system reforms in order to shore up public finances. D&B also said it expected Serbian authorities to continue with reforms related to doing business in the country, noting that Serbia has a lot of work to do to catch up with some of its neighbors in this respect. We recall that earlier in the year D&B upgraded Serbia's rating from a high risk DB5a to DB4d, thus placing the country in a group of moderate risk nations for the first time ever. |
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