Fitch affirms Slovenia

Fitch Ratings said it affirmed Slovenia's long-term foreign- and local-currency issuer default ratings at AA, short-term foreign-currency issuer default rating at F1+ and country ceiling at AAA.

The affirmation reflects the economy's rebound from the recession and the government's stated commitment to a fiscal consolidation program aimed at reducing the general government deficit to 3% of GDP by 2013, Fitch said.

Growth is projected to outperform the euro area average in 2011 through 2012, while the degree of fiscal adjustment required to stabilize public debt is relatively modest by euro area standards, the agency said.

Slovenia's fall in output was the sharpest in the euro zone, Fitch said, adding that its severity reflected the high degree of the economy's external openness and the unfavorable structure of exports.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.