Ljubljana, 20 July (STA) - The rating agency Fitch upgraded on Friday the credit rating for Slovenia from A- to A with a stable outlook. Fitch highlighted the lowering of the public debt, the public finances surplus and the country's economic growth among the reasons, the Finance Ministry said on Saturday.
The ministry stressed that this is already the third upgrade for Slovenia by rating agencies this year, which comes to show that the country is in good shape and has been successfully consolidating its public finances.
"Following the April outlook upgrade by Moody's from stable to positive, there was S&P's credit rating upgrade from A+ to AA- in June, and yesterday Slovenia's good shape was also confirmed by Fitch," Finance Minister Andrej Bertoncelj said.
Slovenian presently has an AA- rating with a stable outlook with S&P, an A rating with a stable outlook with Fitch, and a Baa1 rating with a positive outlook with Moody's.
Slovenia has been the most effective eurozone member when it comes to the reduction of public debt and plans to decrease it to 65.4% of GDP this year. It also plans a 0.7% of GDP or EUR 193.6 million budget surplus.
Bedsides the debt reduction, budget surplus and economic growth, Fitch also highlighted good economic relations with other countries, the strengthened banking sector and reduced unemployment.