25.04.202603:52:04UTC+00S&P Lowers Slovakia Credit Rating to A on Weak Growth, Fiscal Strain

On April 24, 2026, S&P Global Ratings downgraded Slovakia’s sovereign credit rating to A from A+, while maintaining a stable outlook. The agency cited weaker growth prospects and elevated government spending as the main reasons for the downgrade. Slovakia’s economy is expected to grow by only 0.5% this year, constrained by weak consumer confidence, fiscal tightening, and muted export demand amid global uncertainty. Growth is projected to recover to an average of 1.9% in the period 2027–2029, although this remains relatively modest.

Fiscal consolidation is expected to proceed more slowly, reflecting high expenditures on social programs, defense, and costs associated with upcoming elections. Consequently, the fiscal deficit is forecast to average 4.8% of GDP over the next several years, pushing net government debt to around 62% of GDP by 2029—roughly 20 percentage points above its pre-pandemic level. Moody’s currently rates Slovakia at A3 with a stable outlook, while DBRS assigns a rating of A (low), also with a stable outlook.