Investor Presentaiton
Ratings Reflect a Solid Profile in Turbulent Times
2ARDAL
2003 Agentura pre riadenie dlhu a likvidity.
2023 Deb and Liquidity Management Agency
Rating Trajectory Highlights and Key Topics
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Slovakia's credit profile is challenged by the country's high reliance on
Russian energy imports, a risk in the context of Russia's invasion
of Ukraine.
This is balanced by the country's solid track record of economic growth
as well as the government's moderate debt burden and the European
Union and euro area membership
Sovereign Ratings Trajectory 2016-23 (S&P, Moody's, Fitch)
AA-/Aa3/AA-
A+/A1/A+
A/A2/A
A-/A2/A-
BBB+/Baa1/BBB+
Fitch
Moody's
S&P
BBB/Baa2/BBB
BBB-/Baa3/BBB-
2016
2017
2018
2019
2020
2021
2022
2023
Credit Rating Agency Views
S&P Global
Ratings
Credit rating has remained stable between 2016 and
2023
Credit rating of A+ with a stable outlook was reaffirmed in
May 2023:
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S&P's stable outlook balances the country's economy
near-term resilience against uncertainty regarding its
fiscal and economic policies after the upcoming
elections, and the remaining risks to the medium-term
growth outlook
This is counteracted by Slovakia's moderate fiscal and
external debt levels, together with low debt service
MOODY'S
Credit rating has remained stable between 2016 and 2023
Credit rating of A2 with a negative outlook was reaffirmed in
May 2023:
о
о
Slovakia's credit rating is supported by a strong track
record of economic growth, financial stability and
income convergence with EU peers as well as its
moderate government debt burden and high debt
affordability. Slovakia's strong track record of financial
stability with banking sector risks remaining low
This is counteracted by rating agencies concerns over the
country reliance on gas imports and its susceptibility to
geopolitical risks
Fitch Ratings
Credit rating was downgraded 1 time
between 2016 and 2022
Credit rating of A+ was downgraded to A in May
2020 and recently reaffirmed in February 2023 with a
negative Outlook
May 2020: One notch downgrade from A+ to A.
Increasing economic uncertainty driven by the impact of
the Covid-19 pandemic
February 2023: Rating affirmed at A with a negative
outlook reflecting concerns around foreseeable adverse
shock from energy supply challenges
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Source: Moody's, S&P and FitchView entire presentation