Fitch Ratings has upgraded the Republic of Slovakia’s long-term foreign currency rating from ‘A-‘ to ‘A’. At the same time, the agency has affirmed the long-term local currency rating at ‘A+’ and raised the short-term foreign currency rating from ‘F2’ to ‘F1’. The country ceiling has been upgraded from ‘A+’ to ‘AA-‘. The outlook on Slovakia’s ratings is stable.
“The upgrade to Slovakia’s LTFC ratings reflects continuing improvements in credit fundamentals, underpinned by strong economic growth, which is aiding real convergence with Western European living standards. It also takes into account substantial fiscal policy reforms and reduced external financing risks,” says David Heslam, Associate Director in Fitch’s Sovereign group.