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Wednesday, May 7, 2008

S&P expects positive recommendation for country’s eurozone application.





S&P expects positive recommendation for country’s eurozone application. The credit rating agency Standard&Poor’s (S&P) said that it expected a positive recommendation for the country’s application to the eurozone, which to be given by the EC and the ECB in the convergence report, to be published today. It stated that these expectations were incorporated in the country’s rating. S&P also pointed out that if the accession to the eurozone was delayed than the ratings of the country will be negatively affected. The credit agency said that the upgrades depended on the further fiscal consolidation after the entry in the eurozone, the reforms in the social security system and labour market, which to ensure strong, balanced and sustained economic growth. At the same time, delay in the eurozone entry, reversal of the structural reforms or expansionary fiscal position would impose downward pressure on the country’s ratings. As recalled, S&P upgraded in March the outlook on the sovereign rating of Slovakia from stable to positive. It affirmed the long-term foreign currency rating of the country at A. The transfer and convertibility assessment rating was also raised by one notch to AA+. S&P explained that the positive rating move reflected the increased likelihood for joining the eurozone from the beginning of 2009.  


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