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Fitch affirms Slovakia's credit rating at A+

The Fitch international rating agency affirmed Slovakia’s credit rating at A+ with a stable outlook, the agency stated on June 6 with Fitch noting that the main drivers behind its decision were high economic growth, low inflation, and Slovakia's relatively strong banking sector, the TASR newswire reported. The agency noted, however, that last year's public finance deficit stood at 7.9 percent of GDP – much worse than the originally projected deficit of 5.5 percent – and that the government will need to continue its fiscal consolidation plans if it wants to avoid a deterioration of its rating in future.

The Fitch international rating agency affirmed Slovakia’s credit rating at A+ with a stable outlook, the agency stated on June 6 with Fitch noting that the main drivers behind its decision were high economic growth, low inflation, and Slovakia's relatively strong banking sector, the TASR newswire reported.

The agency noted, however, that last year's public finance deficit stood at 7.9 percent of GDP – much worse than the originally projected deficit of 5.5 percent – and that the government will need to continue its fiscal consolidation plans if it wants to avoid a deterioration of its rating in future.

This year the government predicts a deficit of 4.9 percent of GDP and plans to reduce it to 3.8 percent in 2012 and 2.9 percent in 2013. According to Fitch, the Slovak government seems to be confident about its plan to cut the deficit and the agency expects the government to succeed.

Source: TASR

Compiled by Zuzana Vilikovská from press reports
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