Slovakia outlook raised to positive - Moody's

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1 August 2008

MUMBAI (Thomson Financial) - Moody's Investors Service said it changed the outlook to positive from stable on the Slovakian government's 'A1' foreign and local currency bond ratings in view of Slovakia's strengthening economic fundamentals.

The ratings agency also said it raised Slovakia's foreign currency debt and deposit ceilings to 'Aaa', putting Slovakia's foreign currency ceilings on par with those of the Eurozone, reflecting the EU Economic and Financial Affairs Council's recent decision that Slovakia will become the sixteenth member of the European Monetary Union in January 2009.

Moody's said it expects the upcoming adoption of the euro will be a net positive for Slovakia.

European Monetary Union accession will help to shield Slovakia from potential external financial shocks by eliminating the risk of a balance of payments crisis, which is an important consideration for a small open economy, Moody's said.

Moody's said the positive outlook takes into account the structural economic improvements that followed from free-market reforms and sound macroeconomic policies, in particular, robust economic growth and favourable public debt dynamics.

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