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Fitch upgraded Slovenia’s credit rating

The rating agency Fitch upgraded the credit rating for Slovenia from A- to A, with a stable outlook. This is the third such upgrade for Slovenia by rating agencies this year, showing that the country is in good shape and has been successfully consolidating its public finances.

Slovenska zastava | Author Bigstock

Fitch highlighted the lowering of public debt and a surplus in public finances as among the reasons for the credit rating upgrade. Slovenia has been the most effective of all eurozone members as regards the reduction of public debt, and plans to decrease it to 65.4% of GDP this year. Moreover, it will record a 0.7% budget surplus, or one of 193.6 million euros, at the end of the year. The rating agency further supported the upgrade by citing Slovenia’s economic growth, good economic relations with other countries, strengthened banking sector and reduced unemployment.

“This is the third upgrade for Slovenia made by rating agencies this year. The April outlook upgrade by Moody’s from stable to positive was followed by S&P’s credit rating upgrade from A+ to AA- in June, and yesterday Slovenia's good economic shape was also confirmed by Fitch," said Finance Minister Andrej Bertoncelj.

Slovenia currently has an AA- rating with a stable outlook from S&P, an A rating with a stable outlook from Fitch, and a Baa1 rating with a positive outlook from Moody's.