Economic prospects of the Federation of Bosnia and Herzegovina (FBiH), one of two constituent entities of Bosnia and Herzegovina (BiH), are constrained by political tensions within the country that inhibit political collaboration and investments. Due to a slow implementation of infrastructure projects financed from the budget and via state-owned companies, we anticipate that FBiH's debt burden will remain moderate. We therefore affirmed our 'B+' long-term issuer credit rating and 'B' short-term issuer credit rating on FBiH, with a stable outlook. On May 23, 2025, S&P Global Ratings affirmed its 'B+/B' long- and short-term issuer credit ratings on the Federation of Bosnia and Herzegovina, a constituent entity of Bosnia and Herzegovina (BiH; B+/Stable/B). The outlook is stable. The stable outlook reflects
