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Fitch appreciates Slovakia's creditworthiness

Last update: 17.02.2023 23:00

The prestigious international agency Fitch Ratings has confirmed the rating of Slovakia at the high level "A" with a negative outlook. Investors appreciate our reliable macroeconomic framework, competitive exports and stable foreign direct investments. The negative outlook is caused by the ongoing uncertainty of the economic impact of the war in Ukraine and the resulting energy crisis or the unclear political situation after the early parliamentary elections.

Fitch Ratings positively assesses the reform of the pension system, which will help reduce long-term pressures related to the aging of the population. Analysts also expect private consumption to pick up momentum again in the medium term, aided by a stable labour market and lower inflation. According to the agency, this, together with the expected revival of foreign demand, should help increase economic growth above 2%.

"I am glad that the independent rating agency highly positively evaluates the creditworthiness of Slovakia and the quality of managing our public finances," stated the State Secretary of the Ministry of Finance of the Slovak Republic, Marcel Klimek. "It is a mark of quality, an appreciation of the work of the Ministry of Finance, and also a certified expert response to some voices in the public debate that question the state of public finances. All the more so because it is a certificate that we receive in the extremely challenging times of the war in Ukraine and in the unequal struggle with its effects in the form of the energy crisis and double-digit inflation," he added.

According to the Fitch agency, the outlook could change from negative to stable if the Slovak economy manages to reduce its dependence on Russian gas and diversify its energy sources.

Press Department
Ministry of Finance of the SR