The Fitch rating agency has affirmed Slovakia's 'A' ranking, but revised the country's outlook from stable to negative. The Slovak Finance Ministry reacted that this rating realistically reflects the economic situation that Slovakia finds itself in due to the coronavirus outbreak. The loss of revenue with respect to the original estimates coupled with the slowdown in economic growth and fiscal stimulation measures will lead to a more longstanding increase in fiscal deficit, notes the agency.
Slovak Finance Minister Eduard Heger believes that the ranking is in accordance with expectations. "The fight against the outbreak poses an enormous burden for the public finances of countries, which, logically, translates into worsened fiscal positions. What's of paramount importance for us is to maintain the 'A' rating - that is, to keep our place among the budgetary responsible countries - so that the re-financing of Slovakia is not such a heavy burden for the public coffers and, by extension, for the people," he said.
