BUSINESS IN SHORT

Moody’s rates Košice Region highly

THE KOŠICE Self-Governing Region (KSK) has become the first in Slovakia to receive a high ‘A3 with stable outlook’ rating. KSK Chairman Zdenko Trebuľa received the rating certificate from Peter Vinš, the general director of Moody’s Central Europe, on February 16, the SITA newswire reported.

THE KOŠICE Self-Governing Region (KSK) has become the first in Slovakia to receive a high ‘A3 with stable outlook’ rating. KSK Chairman Zdenko Trebuľa received the rating certificate from Peter Vinš, the general director of Moody’s Central Europe, on February 16, the SITA newswire reported.

“This international rating is a great testimony to the economy and governing management of our region,” Trebuľa was quoted as saying by SITA. “I’m glad that we are the first in Slovakia to receive it.”

The overall evaluation which led to the rating was positive and reflects the state of the financial situation of KSK, its debt profile, environmental factors as well as its management. The analysis was focused on fiscal policy; KSK was judged to have achieved a balance between its income and expenditure in 2005, said Miroslav Kňažko, the Moody’s analyst.

“We expect KSK to carry on being abstemious with its expenditures in the coming period, which will be affected by the economic crisis,” Kňažko told SITA. “KSK has to adjust expenditures to the expected drop in income and be extremely cautious in handling resources in the area of expenditures.”

According to Kňažko, the region’s weak spot is the management of hospitals administered by KSK, which could represent a risk for the economy of the region as a whole. He added that KSK will not be able to afford to support these hospitals with subventions, as it had been doing up to now. Kňažko said he appreciated that KSK’s intention is to rent the hospitals to a strategic partner.

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