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S&P: Slovakia's ratings will depend on post-election policy choices

STANDARD & Poor's Ratings Services said on June 19 that the outcome of the general election would not have an immediate impact on Slovakia's sovereign credit ratings of (A/Stable/A-1).

But if the newly formed government opts to depart from established stability-oriented policies, this could pose a risk to the country's creditworthiness, the agency said in a statement sent to The Slovak Spectator.

Slovakia's credit ratings were raised to their current levels in December 2005 based on public sector reform, strong growth outlook and the prospect of Eurozone accession in 2009. Further tightening of fiscal policy, a resumption of reform-oriented economic policy - especially tackling the social security system and labour markets - and sustained strong economic growth would lead to further improvements in the ratings.

Conversely, if a policy reversal were to lead to an expansionary fiscal stance, or a postponement of accession to the Eurozone, this would result in downward pressure on the ratings, Standard & Poor's said.

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