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S&P rating agency downgrades nine eurozone countries

The credit rating agency Standard & Poor’s carried out its threat from the beginning of December 2011 and downgraded the ratings of nine eurozone states, including Slovakia, which was given the rating A with a stable outlook, the SITA newswire reported.

The credit rating agency Standard & Poor’s carried out its threat from the beginning of December 2011 and downgraded the ratings of nine eurozone states, including Slovakia, which was given the rating A with a stable outlook, the SITA newswire reported.

Vladimír Tvaroška, Slovakia’s State Secretary at the Finance Ministry, said that such a move was to be expected but assumes that the lower rating will not have any dramatic impact on the financial markets, the TASR newswire reported.

“We will see in the next few days and weeks what will happen on financial markets,” he said, as quoted by TASR, adding that it is quite difficult to accurately predict these developments.

Tvaroška does not believe that the downgrade was caused by the early elections or other domestic political events.

“It is a reaction to the lack of sufficiently ambitious and emphatic solutions to the debt crisis and its cause, i.e. the (lack of) competitiveness of certain European countries,” he stated.

Source: SITA, TASR

Compiled by Radka Minarechová from press reports
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