Czech Republic's foreign currency rating affirmed at 'A' - Fitch |
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Published
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Thu, 05 Apr 2007 15:44
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LONDON (AFX) - Fitch Ratings affirmed the Czech Republic's foreign currency issuer default rating at 'A' with a stable outlook and local currency issuer default rating at 'A+', also with a stable outlook.The rating agency also affirmed the short-term rating at 'F1' and the country ceiling at 'AA' on the back of ongoing rapid real convergence with western Europe and a strong external financing position.'In many ways, the Czech Republic's credit fundamentals compare well with its 'A' rated peer group,' said David Heslam, a director in Fitch's emerging Europe sovereign team.The rating agency also said that over the medium to long term, strong GDP growth and ongoing real income convergence with wealthier EU states are likely to lead to upward pressure on the ratings.Increased confidence in the outlook for public finances will be a key consideration in any future rating action, the rating agency said.newsdesk@afxnews.comrsh/twCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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