This report covers the key macroeconomic and financial releases as well as the political events from Montenegro for the period of November 6, 2014 - December 5, 2014. Montenegro should try to raise additional revenue and also implement cost-cutting measures in order to maintain its fiscal discipline and avoid a dramatic increase of its public debt, the IMF said in a concluding statement to its Article IV consultations. Standard & Poor's cut Montenegro's long-term foreign and local currency sovereign credit ratings to B+ from BB- with stable outlook, saying that the debt-financed construction of the Bar-Boljare highway will elevate its fiscal and external risks. The local Financial Stability Council warned that Europe's faltering recovery, exhibited by the eurozone's flat Q2 GDP growth, poses risks to Montenegro's economic growth outlook for 2014, partially due to potentially weaker-than-expected tourism revenue. Key points: • Nine-month budget gap narrows 78% y/y to €24.7mn • Industrial output growth quickens to 8.2% y/y in October • Unemployment rate rises to 14.95% as of December 1 • NPL ratio edges up to 16.46% in October