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S&P Downgrades Serbia’s Rating

Standard & Poor's cut Serbia's credit rating on August 7.

The rating agency knocked Serbia down one notch to BB-, citing in part the Socialist-led government's tightening of its grip on the central bank in defiance of EU and International Monetary Fund criticism.

It also put it on negative outlook because of deteriorating fiscal and external deficits.

The dinar fell to a record low against the euro.
Based on reporting by AFP and Reuters