Fitch downgrades Slovenia amid banking concernsMay 17, 2013 @ 10:00 am
LONDON (AP) - Fitch Ratings agency has downgraded Slovenia's credit grade by one notch, citing a weak economic outlook and a frail banking system.
It cut the government bond rating to BBB+ from A-, which is still investment grade. It left a negative outlook, suggesting there's a risk of another downgrade.
Fitch said the prospects for Slovenia's economy and its public finances have deteriorated in recent months as international investors worry the country might struggle to overhaul its banks. It predicts Slovenia's debt will rise to 72 percent of annual GDP this year, from 22 percent in 2008.
It said the government has shown "a renewed sense of urgency in addressing bank balance sheet clean-up and structural reforms." However, it has concerns over the administration's stability and its ability to sustain the reforms.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
Seattle fans are outraged by a new commercial featuring 49ers' Colin Kaepernick
SDOT says human error is to blame for West Seattle Bridge de-icing crashes
The Holiday Map
Find Santa photos, tree farms, lights & seasonal events with our holiday map
Please login below with your Facebook, Twitter, Google+ or Disqus account. Existing MyNorthwest account holders will need to create a new Disqus account or use one of the social logins provided below. Thank you.