Fitch ups Slovakia ratings

Fitch Ratings said it upgraded the Slovak Republic's long-term foreign and local currency ratings to A- and A+, respectively, from BBB+ and A and affirmed its short-term rating at F2. The country ceiling has also been upgraded to A+ from A. The outlook is now stable.

Fitch said the upgrade reflects Slovakia's impressive record of structural and fiscal reforms, which has greatly improved macroeconomic fundamentals, increased labor market flexibility, simplified the tax system and reduced the amount of time required to start up businesses.

"It is becoming clearer that the government's bold fiscal program is bearing fruit and Slovakia is now more firmly on track to meet the Maastricht fiscal deficit target of 3% in 2007 and to adopt the euro in 2009. The credibility of the country's fiscal plans stands out within the region," said Fitch Sovereign Group's David Heslam.

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