Fitch cuts Slovakia by one notch to ‘A’

Ratings

Photo by Konektus Photo / Shutterstock.com

Fitch Ratings has downgraded Slovakia’s sovereign debt grade to "A" from "A+" and assigned a stable outlook. 

Photo by Konektus Photo / Shutterstock.com

The agency said on May 8 that it was forecasting that gross domestic product will shrink 10% in 2020 as Slovakia’s open economy is hit by the COVID-19 pandemic, particularly hurting the auto industry (13% of GDP and 24% of exports).

Standard & Poor’s credit rating for Slovakia stands at "A+" with a stable outlook. Moody’s credit rating for Slovakia is "A2", also with a stable outlook. DBRS’ credit rating for Slovakia is A (high), with a stable outlook. 

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