Slovakia sees stable long-term and short-term rating

The international rating agency Standard & Poor's confirmed on Friday Slovakia's both long term and short term credit rating as stable, with the marks A for the long term and A-1 for the short term credit rating. In case of future favourable development the agency says it is likely that in the next 18 months the ratings could improve even further. According to the agency, it is the low debt, strong economic growth, and the reduction of the budget deficit as well as growing strong domestic demand that cause the good ranking. On the other hand, there are still structural problems remaining within the Slovak economy, which include high youth unemployment and large regional differences. According to the Finance Minister Peter Kažimír, this is very important news for Slovakia, moreover he added that Slovakia currently has the ninth best ranking among the 19 countries using the euro currency, has a deficit below three percent and debt comfortably below 60 percent of gross domestic product.