Fitch downgrades Slovenia
Fitch Ratings downgraded Friday Slovenia’s long-term foreign and local currency issuer default ratings to BBB+ from A-, citing the deterioration of the macroeconomic and fiscal outlook, questions over bank recapitalization costs and political uncertainty. The outlook was left at negative, meaning the ratings company is more likely to reduce its assessment further than leave it the same or raise it. Fitch noted that Slovenia’s macroeconomic outlook has “deteriorated significantly” since its last rating review of August 2012. It expects a 2% GDP contraction for 2012 and a 0.3% decline in 2014, when Slovenia is expected to be one of only two euro zone economies to contract. Fitch believes that non-performing loans have yet to peak, given the prolonged economic contraction.
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