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.
- 1euronews live TV - News | euronews : the latest international news as video on demand
- 2International breaking news | euronews online world breaking news in video
- 3Caught red-handed: the Russian Major fighting in Ukraine
- 4Video footage shows massive explosion in Tianjin, China
- 5Momentum for Mars: Astronauts say mission is inevitable
- 6Ukraine puts top Russian general Gerasimov on ‘most wanted’ list
- 7Latest News Bulletin
- 8Snowden, Assange and Manning statues unveiled in Berlin
- 9Who came out top in the US Republican television debate?
- 10Why World Elephant Day matters
- 11International news | euronews, latest international news
- 12UK: at least 7 dead after plane crashes into road in Brighton
- 13Virginia:TV journalist and cameraman shot dead live on air
- 14ISIL militant group claims to have killed Croatian hostage in Egypt
- 15Earth Overshoot Day…Pushing Mother Nature too far
- 16Windows 10, three weeks on: the good, the bad and the ugly
- 17Bringing the trolls out of the dark: Russian ‘troll’ awarded 1 rouble damages
- 18As ‘Daily Show’ Jon Stewart’s tenure ends, scholars say goodbye to their research topic
- 19European Union News | euronews: latest breaking news and headlines about European Union
- 20Scientists find sinkhole cave under Mexico’s Kukulkan Castle Pyramid
Wires > Business
- 09:18 CET Cameron promises tough fines for not paying minimum wage
- 09:13 CET Man Group shares fall after firm caught up in market volatility…
- 09:10 CET China c.bank to clamp down on forwards trading to curb yuan…
- 08:46 CET Oil prices drop 3 percent as investors retreat from overnight gains
- 08:41 CET Caravan park firm Park Resorts to merge with rival Parkdean
- 08:36 CET Whirlpool gatecrashes Aga’s sale to Middleby
- 08:27 CET Bwin receives revised offer from 888
- 08:25 CET Rentokil acquires pest control business Steritech for 276 million…