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Moody’s Investor service upgrades outlook on Slovakia’s sovereign rating to positive |
Bratislava, 11.04.2017 |
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Slovak Finance Ministry understands this as a praise from the rating agency.
On April 7, Moody’s Investors Service changed the outlook on Slovakia’s rating from stable to positive and affirmed the A2 issuer and senior unsecured ratings. Moody’s decision reflects two drivers – Slovakia’s continued strong economic growth prospects in the coming years and the anticipated pick-up in the pace of public sector debt reduction, supported by robust growth and continued fiscal consolidation.
“Moody’s expects Slovakia’s positive growth momentum to continue in the coming years and to remain broad based – driven by both domestic and external demand – further supporting its robustness,” the rating agency writes on its website. Real GDP growth is expected to accelerate from a projected 3.3 percent in 2017 to 3.8 percent in 2018 and 4 percent in 2019, exceeding both the average for EU countries and A-rated peers.
Slovakia’s long-term local and foreign currency bond and bank deposit country ceilings remain unchanged at Aaa. Its short-term foreign currency bonds and bank deposit country ceilings also remain unchanged at Prime-1 (P-1).
“A new wave of investments in the automotive industry by Volkswagen (VW), Peugeot Citroen (PSA) and Jaguar Land Rover (JLR) from 2016-2020 is boosting private investment and increasing Slovakia’s export potential,” Moody’s writes.
At full capacity from 2018-2020, this investment is expected to increase Slovakia’s annual car production by to 1.5 million cars. Cumulatively, the new automotive capacities are expected to contribute close to 2.5 percentage points to real GDP growth from 2016-2020.
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Address : Euro-Brew Ltd., Hlboká 22, 917 01 Trnava, Slovakia Tel. : +421 33 53 418 53, Fax : +421 33 53 418 52, E-mail : info@eurobrew.sk |
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