巴黎人娱乐城

Entity

North Macedonia, Republic of

UK Issued, EU Endorsed; Solicited by or on behalf of the issuer (sell side)

ESG Relevance
1
2
3
4
5

01Ratings

RatingActionDateType
BB+Affirmed21-Mar-2025Long Term Issuer Default Rating
BAffirmed21-Mar-2025Short Term Issuer Default Rating
BB+Affirmed21-Mar-2025Local Currency Long Term Issuer Default Rating
BAffirmed21-Mar-2025Local Currency Short Term Issuer Default Rating
BBB-Affirmed21-Mar-2025Country Ceiling
Ratings KeyOutlookWatch
Positive
Negative
Evolving
Stable 

* Ratings displayed in orange denotes EU or UK Unsolicited and Non-Participatory Ratings

Where there was a review with no rating action (Review 鈥 No Action), please refer to the 鈥淟atest Rating Action Commentary鈥 for an explanation of key rating drivers

*Premium Content is displayed in 巴黎人娱乐城 Red

Rating History

Date :21-Mar-202504-Oct-202405-Apr-202406-Oct-202314-Apr-202328-Oct-202229-Apr-202205-Nov-202107-May-202113-Nov-202015-May-202013-Dec-201914-Jun-201918-Jan-201920-Jul-201802-Feb-201804-Aug-201717-Feb-201719-Aug-201619-Feb-201621-Aug-201527-Feb-201505-Sep-201421-Mar-201415-Oct-201318-Oct-201226-Oct-201127-Oct-201018-Dec-200921-May-200904-Nov-200814-Aug-200713-Jun-200614-Dec-200501-Nov-2005
Rating :BB+BB+BB+BB+BB+BB+BB+BB+BB+BB+BB+BB+BB+BBBBBBBBBBBBBB+BB+BB+BB+BB+BB+BB+BB+BB+BB+BB+BB+BB+BB+BBBB
Action :AffirmedAffirmedAffirmedAffirmedAffirmedAffirmedAffirmedAffirmedAffirmedAffirmedAffirmedAffirmedUpgradeAffirmedAffirmedAffirmedAffirmedAffirmedDowngradeAffirmedAffirmedAffirmedAffirmedAffirmedAffirmedAffirmedAffirmedRevision OutlookAffirmedRevision OutlookRevision OutlookRevision OutlookUpgradeRevision IDRNew Rating

02Rating Actions

03Insights

04Sector Outlooks

05Securities and Obligations

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Rated Entity / Debt  
Ratings  
Entity Details  
Debt Type & Identifiers  
Other Details  
Issuer: North Macedonia, Republic of
Debt Level: senior unsecured
Issue: EUR 500 mln 2.75% bond/note 18-Jan-2025
18-Jan-2025
NR
Matured
Long Term Rating

Rating History
Country: North Macedonia, Republic of
Sectors: Sovereigns
Disclosures: UK Issued, EU Endorsed;
senior unsecured; bond/note
ISIN: XS1744744191 (Reg S)
ISIN: XS1746171559 (144A)
Maturity Date: 18-Jan-2025
Currency: EUR
Amount: 500,000,000
Coupon Rate: 2.75%
Placement: Reg S
Issuer: North Macedonia, Republic of
Debt Level: senior unsecured
Issue: EUR 700 mln 3.675% bond/note 03-Jun-2026
21-Mar-2025
BB+
Affirmed
Long Term Rating

Rating History
Country: North Macedonia, Republic of
Sectors: Sovereigns
Disclosures: UK Issued, EU Endorsed; Solicited by or on behalf of the issuer (sell side)
senior unsecured; bond/note
ISIN: XS2181690665 (Reg S)
ISIN: XS2181690822 (144A)
Maturity Date: 03-Jun-2026
Currency: EUR
Amount: 700,000,000
Coupon Rate: 3.675%
Placement: Reg S
Issuer: North Macedonia, Republic of
Debt Level: senior unsecured
Issue: EUR 700 mln 1.625% bond/note 10-Mar-2028
21-Mar-2025
BB+
Affirmed
Long Term Rating

Rating History
Country: North Macedonia, Republic of
Sectors: Sovereigns
Disclosures: UK Issued, EU Endorsed; Solicited by or on behalf of the issuer (sell side)
senior unsecured; bond/note
ISIN: XS2310118893 (Reg S)
ISIN: XS2310119198 (144A)
Maturity Date: 10-Mar-2028
Currency: EUR
Amount: 700,000,000
Coupon Rate: 1.625%
Placement: Reg S
Issuer: North Macedonia, Republic of
Debt Level: senior unsecured
Issue: EUR 500 mln 6.960% bond/note 13-Mar-2027
21-Mar-2025
BB+
Affirmed
Long Term Rating

Rating History
Country: North Macedonia, Republic of
Sectors: Sovereigns
Disclosures: UK Issued, EU Endorsed; Solicited by or on behalf of the issuer (sell side)
senior unsecured; bond/note
ISIN: XS2582522681 (Reg S)
ISIN: XS2582524034 (144A)
Maturity Date: 13-Mar-2027
Currency: EUR
Amount: 500,000,000
Coupon Rate: 6.96%
Placement: Reg S
Issuer: North Macedonia, Republic of
Debt Level: Senior Unsecured-Local currency
Issue: MKD 50 mln 4% Gov Bonds 19 Nov 2030
21-Mar-2025
BB+
Affirmed
Long Term Rating

Rating History
Country: North Macedonia, Republic of
Sectors: Sovereigns
Disclosures: UK Issued, EU Endorsed; Solicited by or on behalf of the issuer (sell side)
Senior Unsecured-Local currency ; bond/note
ISIN: MKMINF20GG59 (Public)
Maturity Date: 19-Nov-2030
Currency: MKD
Amount: 50,000,000
Coupon Rate: 4%
Placement: Public
Issuer: North Macedonia, Republic of
Debt Level: Senior Unsecured-Local currency
Issue: MKD 205 mln 3.5% Gov Bonds 14 Jan 2026
21-Mar-2025
BB+
Affirmed
Long Term Rating

Rating History
Country: North Macedonia, Republic of
Sectors: Sovereigns
Disclosures: UK Issued, EU Endorsed; Solicited by or on behalf of the issuer (sell side)
Senior Unsecured-Local currency ; bond/note
ISIN: MKMINF20GG91 (Public)
Maturity Date: 14-Jan-2026
Currency: MKD
Amount: 205,770,000
Coupon Rate: 3.5%
Placement: Public
Issuer: North Macedonia, Republic of
Debt Level: Senior Unsecured-Local currency
Issue: MKD 834.52 mln 3.9% bond/note 24-Mar-2026
21-Mar-2025
BB+
Affirmed
Long Term Rating

Rating History
Country: North Macedonia, Republic of
Sectors: Sovereigns
Disclosures: UK Issued, EU Endorsed; Solicited by or on behalf of the issuer (sell side)
Senior Unsecured-Local currency ; bond/note
ISIN: MKMINF20GH90 (Public)
Maturity Date: 24-Mar-2026
Currency: MKD
Amount: 834,520,000
Coupon Rate: 3.9%
Placement: Public
Issuer: North Macedonia, Republic of
Debt Level: Senior Unsecured-Local currency
Issue: MKD 112.7 mln 4.3% bond/note 08-Jul-2031
21-Mar-2025
BB+
Affirmed
Long Term Rating

Rating History
Country: North Macedonia, Republic of
Sectors: Sovereigns
Disclosures: UK Issued, EU Endorsed; Solicited by or on behalf of the issuer (sell side)
Senior Unsecured-Local currency ; bond/note
ISIN: MKMINF20GI57 (Public)
Maturity Date: 08-Jul-2031
Currency: MKD
Amount: 112,700,000
Coupon Rate: 4.3%
Placement: Public
Issuer: North Macedonia, Republic of
Debt Level: Senior Unsecured-Local currency
Issue: MKD 70 mln 3.2% bond/note 08-Mar-2033
21-Mar-2025
BB+
Affirmed
Long Term Rating

Rating History
Country: North Macedonia, Republic of
Sectors: Sovereigns
Disclosures: UK Issued, EU Endorsed; Solicited by or on behalf of the issuer (sell side)
Senior Unsecured-Local currency ; bond/note
ISIN: MKMINF20GO91 (Public)
Maturity Date: 08-Mar-2033
Currency: MKD
Amount: 70,000,000
Coupon Rate: 3.2%
Placement: Public
Issuer: North Macedonia, Republic of
Debt Level: Senior Unsecured-Local currency
Issue: MKD 507.88 mln 5.4% bond/note 29-Dec-2037
21-Mar-2025
BB+
Affirmed
Long Term Rating

Rating History
Country: North Macedonia, Republic of
Sectors: Sovereigns
Disclosures: UK Issued, EU Endorsed; Solicited by or on behalf of the issuer (sell side)
Senior Unsecured-Local currency ; bond/note
ISIN: MKMINF20GY81 (Public)
Maturity Date: 29-Dec-2037
Currency: MKD
Amount: 507,880,000
Coupon Rate: 5.4%
Placement: Public
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06Disclosures

Original Rating Date
Long Term Issuer Default Rating01-Nov-2005
Short Term Issuer Default Rating01-Nov-2005
Local Currency Long Term Issuer Default Rating01-Nov-2005
Local Currency Short Term Issuer Default Rating22-Jul-2016
Country Ceiling01-Nov-2005
Endorsement Status
UK Issued, EU Endorsed
Country of 巴黎人娱乐城 Office
UNITED KINGDOM
Solicitation Status
Long Term Issuer Default RatingSolicited - Sell Side
Short Term Issuer Default RatingSolicited - Sell Side
Country CeilingSolicited - Sell Side
Local Currency Long Term Issuer Default RatingSolicited - Sell Side
Local Currency Short Term Issuer Default RatingSolicited - Sell Side
Country of Analyst
UNITED KINGDOM

07Criteria

24Oct
2024
Active Criteria
Sovereign Rating Criteria
24Jul
2023
Active Criteria
Country Ceiling Criteria
06Apr
2023
Expired Criteria
Sovereign Rating Criteria - Effective from 6 April 2023 to 24 October 2024
11Jul
2022
Expired Criteria
Sovereign Rating Criteria - Effective from 11 July 2022 to 6 April 2023
11Apr
2022
Expired Criteria
Sovereign Rating Criteria - Effective from 11 April 2022 to 11 July 2022
More Criteria

08Analysts

Arvind Ramakrishnan
Primary Rating Analyst

Milan Trajkovic
Secondary Rating Analyst

Credit-Relevant ESG Scale

How relevant are E, S and G issues to the overall credit rating?

5
Highly relevant, a key rating driver that has a significant impact on the rating on an individual basis. Equivalent to "higher" relative importance within Navigator.
4
Relevant to rating, not a key rating driver but has an impact on the rating in combination with other factors. Equivalent to "moderate" relative importance within Navigator
3
Minimally relevant to rating, either very low impact or actively managed in a way that results in no impact on the entity rating. Equivalent to "lower" relative importance within Navigator.
2
Irrelevant to the entity rating but relevant to the sector.
1
Irrelevant to the entity rating and irrelevant to the sector

* ESG Relevance is applicable for international scale ratings only

Ratings KeyOutlookWatch
Positive
Negative
Evolving
Stable 

* Ratings displayed in orange denotes EU or UK Unsolicited and Non-Participatory Ratings

Where there was a review with no rating action (Review 鈥 No Action), please refer to the 鈥淟atest Rating Action Commentary鈥 for an explanation of key rating drivers

*Premium Content is displayed in 巴黎人娱乐城 Red