This report does not constitute a rating action. PARIS (S&P Global Ratings) Oct. 28, 2026—S&P Global Ratings has published its"Banking Industry Country Risk Assessment Update: October 2026 ."This article presents updates to S&P Global Ratings'views on the 91 banking systems that it currently reviews under its criteria"Banking Industry Country Risk Assessment Methodology And Assumptions,"published Dec. 9, 2021, which it uses primarily when applying its methodologies to develop the stand-alone credit profile and issuer credit rating on a financial institution (see"Financial Institutions Rating Methodology,"Dec. 9, 2021). Since we last published the BICRA update Sept. 28, 2026, we have: Serbia: Assigned BICRA Group'6'. Since we last published BICRA update Sept. 28, 2026, we
