Fitch rates Slovakia eurobond A+

Fitch Ratings said it assigned Slovakia's upcoming eurobond maturing in January 2015 an A+ rating.

The rating is in line with Slovakia's long-term foreign-currency issuer default rating of A+ and stable outlook.

The Slovak economy is highly exposed to the fall in western European demand as it specializes in cyclically-sensitive exports, most notably cars, Fitch said.

Although this shock will cause a significant contraction in GDP this year, it is within Slovakia's rating tolerance, the agency said.

European Union membership and a good policy track record further support the ratings, Fitch added.

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