In its July report, the Dun&Bradstreet (D&B) rating agency maintained Serbia's rating at DB4d, placing it among the countries with moderate risk to business, and assessed that the growth of Serbia's economy was slower than expected.

"Business risk in Serbia is still elevated, as a consequence of lowered credit capabilities, an increased
number of bankrupt companies and poor economic prospects. The high credit debt and the presence of a large number of foreign banks increase the risk of instability in the banking sector," it was said in the
statement of the Rating Company from Belgrade, which represents the interests of D&B in Serbia and
Montenegro.

"The Serbian economy is slowly coming out of the recession, but economic growth is slower than D&B expected and it indicates a slower global economic recovery and long-term credit progress," it was said in the
statement.

D&B expects a further growth of business activities in Serbia during the year, which will be based on the
increase of exports, prompted by increased global demand, but also by private investments.

It was added that private investments will be initiated by a more favorable situation on the financial
market, cheap labor and the envisaged increase of investments of the Serbian government.

What will also support the economic growth, according to D&B, will be a restrictive monetary policy, lower
required reserves and measures of the National Bank of Serbia for encouraging credits in dinars, as well as
state subsidies for loans to businesses.

In the region, Slovenia still has the highest rating (DB2c). Croatia is next with DB3d, Bulgaria, Romania,
Hungary and Albania are at DB4a, FYRMacedonia and Greece at DB4b and Serbia at DB4d. Bosnia-Herzegovina has lower rating than Serbia's - DB6a.