Slovakia gets rosy outlook (The Slovak Spectator)

Podľa Richarda Ďuranu z INESS je zlepšenie
ratingu S&P pozitívnou správou, pretože znižuje náklady
na dlh Slovenska. Spájať zvýšenie ratingu s 1,5 ročným pôsobením terajšej vlády
je však nekorektné. Hodnotenie S&P signalizuje
investorom, že Slovensko je schopné plniť svoje záväzky, čím posilňuje dôveru
zahraničných investorov, povedal pre The Slovak Spectator dňa 10.3.2008.

INVESTORS have been given another reason to trust in Slovakia's economic
vigour and the country's prospects for euro adoption in 2009.

Standard & Poor's Ratings Services on March 3 confirmed Slovakia's
country rating at A/A-1 and revised its outlook to positive from stable. The
rating service also raised the transfer and convertibility assessment on
Slovakia to AA+ from AA.

"The Slovak government has reaffirmed its commitment to the established
target of Eurozone accession by 2009 and the required fiscal consolidation by
executing a relatively constrained 2007 budget," said Standard &
Poor's credit analyst Eileen Zhang.

Martin Lenko, an analyst with VÚB Bank, told The Slovak Spectator that the
positive development of the public finances and the government's commitment to
cut the public finance deficit in the future contributed to the move by
Standard & Poor's.

If the government fulfills this commitment the rating could be upgraded,
Lenko said. He expects that other rating services will take similar steps.

The evaluation by Standard &
Poor's will deepen the faith of foreign investors in Slovakia's ability to meet
its financial obligations, said Richard Ďurana, director of Institute of
Economic and Social Studies.

The prospect of a higher rating in
fact reduces Slovakia's debt servicing costs, Ďurana told The Slovak Spectator.

Zhang, of Standard & Poor's said that the 2007 general government
deficit is expected to go down to 2.4 percent of GDP, from 3.8 percent in 2006,
on the back of stronger growth in tax revenue and interest savings.

Based on the strong currency and moderate inflation rate, the rating agency
said that Slovakia is expected to satisfy the Maastricht criteria for European
Monetary Union (EMU) membership in nominal terms, Standard & Poor's reported.

Standard & Poor's noted that there is a small risk that Slovakia's
accession to EMU could be rejected, as uncertainty surrounding the
macroeconomic policy outlook could raise the question of
"sustainability" in the European Commission's considerations.

"The ratings could be upgraded if fiscal consolidation continues after
Slovakia enters the Eurozone," Zhang said. "Moreover, reform of the
social security system and labour market that ensures sustained, strong, and
balanced economic growth could close the wealth gap between Slovakia and other
countries in the Eurozone, leading to further improvement in the ratings."

Conversely, reversal of the previous structural reforms, an expansionary
fiscal stance, or a postponement of accession to the Eurozone would result in a
downward pressure on the ratings.

The Slovak Spectator, 10.3. 2008, Marta Ďurianová