Moody's may up Slovakia

Moody's Investors Service said it placed Slovakia's ratings on review for possible upgrade.

The following ratings of the Republic of Slovakia are on review for possible upgrade: the foreign currency country ceiling for medium-to-long term bonds (currently A3), the foreign currency rating of outstanding medium-to-long term bonds of the Republic of Slovakia (A3), the local currency rating for medium-to-long term bonds of the Republic of Slovakia (A3) and the foreign currency bank deposit ceiling (A3).

Moody's said the ratings review has been prompted by the macro and micro consequences of several years of successful structural reforms carried out by the coalition governments that have been in power since 1998.

They have moved to liberalize prices, privatize an overwhelming part of the banking system, sharply reduce government expenditures for social transfers and subsidies, introduce radical pension and health care reforms and simplify the tax code via a single flat tax rate.

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