Fitch upgrades Slovakia

Fitch Ratings said it has upgraded Slovakia's long-term foreign currency rating to A from A-. Fitch also affirmed the long-term local currency rating at A+ and raised the short-term foreign currency rating to F1 from F2. The country ceiling has been upgraded to AA- from A+.

The outlook on Slovakia's ratings is stable.

The upgrade of long-term currency reflects continuing improvements in credit fundamentals, underpinned by strong economic growth, which is aiding real convergence with Western European living standards, Fitch said. It also takes into account substantial fiscal policy reforms and reduced external financing risks, Fitch said.

The largest risk to the outlook for public finances is political, with general elections due by September 2006, Fitch said.

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