JCRA Confirms A+ Rating with Stable Outlook for Slovakia

Bratislava, April 4 (TASR) - Japan Credit Rating Agency (JCRA) has reaffirmed Slovakia's A+ rating with a stable outlook, the Finance Ministry reported on Friday. "The rating is primarily supported by the country's relatively developed economy, stable public debt and the benefits that the country draws from its EU and eurozone memberships. The Slovak economy has remained resilient even in the high-inflation environment formed in the wake of the energy crisis and diminished outside demand," stated JCRA in its report. The agency analysts view in positive light efforts by the Slovak government to consolidate public finances and expect a reduction in the fiscal deficit in the medium term, reinforced by the EU fiscal discipline framework. The Japanese agency also listed among the positives the stability of the financial sector and strong financial position of the banking sector. It expects the Slovak economy to continue its growth of about 2 percent, fueled by investments with European money. "I welcome this confirmation of the rating and I'm glad that yet another global rating agency views our efforts to consolidate public finances positively. I'd like to reiterate that in late 2023 we inherited from previous governments public finances in the worst state within the entire EU. Our efforts and the decisions we've passed show that we're on the right track," said Finance Minister Ladislav Kamenicky (Smer-SD). mf/df