It was not unexpected – late on Friday the Fitch ratings agency downgraded Slovenia’s long-term foreign currency rating to BBB + from A minus.
It also warned there could be more cuts in the future on worries over the state of the country’s shaky banking sector which might mean it is the next eurozone nation to have to ask for a bailout.
The Slovenian government is pressing ahead with an overhaul of the ailing banks in a bid to avoid that.
Standard & Poor’s rates the country A-minus with a stable outlook. Moody’s Investors Service has it at Ba1 with a negative outlook.
Fitch said the outlook remains negative due to the declining economic and fiscal outlook.
Slovenia’s gross domestic product (GDP) is expected to contract by two percent this year and 0.3 percent next year, which would make one of only two countries in the eurozone remain in recession in 2014, Fitch said.
The budget deficit (excluding the costs of recapitalisation of its banks) should be five percent of GDP this year. It was four percent last year.
- 1Air France directors physically attacked after jobs loss plan confirmed
- 2Air France bosses’ shirts ripped off over jobs loss plan
- 3Historic and controversial, Trans-Pacific free trade deal is struck
- 4A painful Q3: global markets grim after worst quarter in years
- 5Russia ‘ready to meet’ other oil producers over market trouble
- 1Sweden ‘increasingly experimenting’ with six-hour workdays
- 2Air France directors physically attacked after jobs loss plan confirmed
- 3Expensive running shoes ‘rated worse’ than cheap ones, survey finds
- 4Air France bosses’ shirts ripped off over jobs loss plan
- 5Electric shock as Tesla’s Model X SUV finally launched
- 1euronews live TV - News | euronews : the latest international news as video on demand
- 2Syrian refugee tripped by shamed camera woman is named
- 3Hungarian camera woman caught on video kicking and tripping migrants could face jail
- 4Hungarian reporter who tripped migrants apologises for her actions
- 5NASA discovers evidence of “liquid briny water” flowing on Mars
- 6Latest News Bulletin
- 7At least 220 dead in stampede outside Mecca, Saudi Arabia reports
- 8Denmark: launches anti-migrant ad campaign
- 9Hungarian camerawoman fired after being filmed kicking migrants
- 10International breaking news | euronews online world breaking news in video
- 11Why aren’t rich Gulf states welcoming Syrian refugees… or are they?
- 12Why aren’t rich Gulf states welcoming Syrian refugees…or are they?
- 13Spain: Catalan President faces ‘civil disobedience’ charges over breakaway vote
- 14International news | euronews, latest international news
- 15Banzai back in the vocabulary as Japan passes law allowing combat deployments
- 16Exclusive: shipwatchers chart Russian hardware heading into Med
- 17Which European countries offer the most social benefits to migrants?
- 18What the top tweets worldwide are saying about #refugees
- 19[Live] All the Rugby World Cup news in one place
- 20[Live] Catalonia: separatists heading for clear win in crucial elections
latest economy news
Air France denies it plans ’5,000 extra job cuts’
Saudi Arabia’s Prince Alwaleed raises Twitter stake
Tesco’s profits slump as UK retailer tries to revive fortunes
SABMiller rejects latest AB InBev bid in big beer battle
Some Volkswagen investments may be cancelled, says CEO Müller
Wires > Business
- 18:57 CET As global recession warnings sound, markets hit the afterburners
- 18:53 CET Alarmed by prospect of more Air France strikes, KLM staff speak out
- 18:24 CET VW plays down hopes of quick answers over emissions cheating
- 18:21 CET Profits at big U.S. banks soar since crisis – New York Fed
- 18:13 CET Broker went on nights to help trader Hayes, prosecutor tells…
- 17:24 CET Glencore closes Eland platinum mine in South Africa, cuts 818 jobs
- 16:40 CET Tesco says recovery plan working after profit collapse
- 16:31 CET Markets may be near turning point, global economy the worry -…