| Issuer/Entity | Valjevo, City of | | Long Term Rtg | B1 | | Long Term Watch | Not on Watch | | Outlook | Stable | | ST Issuer Level Rtg | |
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| Issuer/Entity | Kraljevo, City of | | Long Term Rtg | | | Long Term Watch | | | Outlook | Ratings Withdrawn | | ST Issuer Level Rtg | |
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| Issuer/Entity | Novi Sad, City of | | Long Term Rtg | Ba3 | | Long Term Watch | Not on Watch | | Outlook | Stable | | ST Issuer Level Rtg | |
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