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Fitch upgrades Slovakia's long-term foreign currency rating to 'A+'

International credit-rating agency Fitch on July 8 upgraded Slovakia's long-term foreign currency rating from 'A' to 'A+' with a stable outlook. At the same time, the agency replaced the previous outlook, which became 'Rating Watch Positive' after the European Commission's recommendation in May that Slovakia would join the Eurozone as of January 1, 2009. The agency also upgraded Slovakia's overall rating from 'AA' to 'AAA', confirming the long-term domestic-currency rating at 'A+' and the short-term one at 'F1'. The long-term foreign-currency rating upgrade after the final step was made on July 8 towards Slovakia becoming the 16th member of the Eurozone, with the final crown-euro changeover rate set at 30.126 SKK/EUR.

International credit-rating agency Fitch on July 8 upgraded Slovakia's long-term foreign currency rating from 'A' to 'A+' with a stable outlook. At the same time, the agency replaced the previous outlook, which became 'Rating Watch Positive' after the European Commission's recommendation in May that Slovakia would join the Eurozone as of January 1, 2009.

The agency also upgraded Slovakia's overall rating from 'AA' to 'AAA', confirming the long-term domestic-currency rating at 'A+' and the short-term one at 'F1'. The long-term foreign-currency rating upgrade after the final step was made on July 8 towards Slovakia becoming the 16th member of the Eurozone, with the final crown-euro changeover rate set at 30.126 SKK/EUR.

"As a Eurozone member, Slovakia will be protected from (foreign) currency shocks, as well as from internal financial crises," said David Heslam from Fitch Ratings. TASR

Compiled by Zuzana Vilikovská from press reports
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