Fitch ups Slovenia ceiling to AAA

Fitch Ratings said it has upgraded the Republic of Slovenia's foreign currency issuer default rating (IDR) to AA from AA-.

The outlook is now stable.

At the same time, the agency upgraded Slovenia's country ceiling to AAA from AA+, affirmed the local currency IDR at AA and short-term rating at F1+.

The outlook on Slovenia's local currency IDR remains stable.

Fitch said the decision to upgrade Slovenia's foreign currency IDR follows the formal approval of its membership of the euro area from January 2007 by the Economic and Financial Affairs Council of the European Union.

Fitch said the adoption of the euro is a significant net positive for a country's external creditworthiness. As a member of the euro area, Slovenia will be sheltered from monetary shocks and the risk of a self-fulfilling currency crisis.

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