6th April 2026, Skopje - S&P Global and Fitch Ratings affirmed the country's stable credit profile in their semi-annual reviews.
S&P Global Ratings conducted its regular semi-annual review of the sovereign credit rating of North Macedonia, in line with EMEA (Europe, Middle East and Africa) Sovereign Rating Review Calendar.
It is a matter of a standard procedure in line with the EU Acquis, involving an assessment of the current economic and fiscal indicators, as well as the market trends. No new research update was published as part of this semi-annual review, signaling that the key factors underpinning the country’s sovereign credit rating remain unchanged.
At the same time, last month, Fitch Ratings conducted its regular review of the country’s sovereign credit rating, resulting in a “Review - No Action,” implying there is no change to the existing rating and no separate report will be published.
Accordingly, both credit rating agencies affirmed the stable credit profile of the Republic of North Macedonia, with the key drivers of the rating remaining unchanged.
As per the latest published Reports, S&P Global Ratings maintained the country’s sovereign credit rating at BB- with a stable outlook, while Fitch Ratings reaffirmed the country’s BB+ credit rating, with a stable outlook as well.
The affirmation of the sovereign credit ratings sends a clear signal of the stability of macroeconomic policies, the moderate level of public debt, and the country’s ability to timely and consistently service its financial liabilities, thus also highlighting the continuity in pursuing the economic policies and the resilience of the economy amid heightened global economic uncertainty.
As per the Credit Rating Agencies, economic growth is driven by scaled-up public investments, particularly in infrastructure projects, as well as by growth in household consumption.
The sovereign credit rating serves as an important indicator for investors and international financial markets, as it reflects the level of risk and the confidence in the country’s economic policies.
“The affirmation of the ratings by the two leading international credit rating agencies reflects strong international confidence in the country’s economic policies and reinforces the commitment to continue implementing the respective reforms, all to the end of esnuring sustainable economic growth and improved living standard for citizens,” Minister of Finance, Gordana Dimitrieska-Kochoska stated.
