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Fitch upgrades foreign currency rating outlook

FITCH Ratings has changed its long-term foreign currency ratings from stable to positive in seven out of the ten EU-acceding states, including Slovakia.

Slovakia currently holds a BBB rating. The other countries affected are Cyprus (A+), Latvia (BBB+), Lithuania (BBB), Malta (A), Poland (BBB+), and Slovenia (A+).

Fitch expects the acceding EU members to reach sovereign credit ratings that would be two to three notches above their current levels when they eventually adopt the euro. That will happen because full membership to the euro area would reduce the risks to sovereign creditworthiness caused by external shocks and imbalances in the balance of payments.

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