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Standard & Poor’s has affirmed Slovakia’s sovereign credit rating at A+ while retaining a negative outlook, citing lingering concerns over public finances and external economic headwinds. The rating remains two notches above those assigned by Fitch and Moody’s, the Finance Ministry said on Friday.
The agency expects the Slovak economy to expand by 0.8 percent this year, constrained largely by global trade tensions that continue to weigh on export performance. EU-funded investment is forecast to provide only a partial offset. Growth is projected to recover gradually to an average of 1.6 percent in 2026–27, helped by a rebound in exports and increased automotive output, particularly once Volvo’s new plant in eastern Slovakia comes on line in 2027.
S&P said it recognises the government’s efforts to consolidate public finances after a period of fiscal deterioration. It forecasts the general government deficit will narrow to around 5 percent of GDP this year, with further gradual improvement thereafter.
“In a global context, Slovakia’s net general government debt will probably remain relatively low — around 58 percent of GDP — to the end of 2028,” the agency said, noting that despite a rise in risks, the country had “weathered several shocks” in recent years and continued to benefit from “moderate external indebtedness and low government financing costs”.
Bratislava maintains that fiscal repair remains a central priority. The Finance Ministry said improved tax collection and measures to combat tax evasion would be key pillars of its strategy, with a second action plan due by the end of the year. S&P described the government’s push to raise revenues as a “positive risk” to its baseline forecasts.
Finance Minister Ladislav Kamenický (Smer) welcomed the decision as a sign of trust in the government’s stewardship of public finances, despite a “strong economic headwind” blowing from core eurozone economies such as France and Germany. The confirmation of the rating, he said, would help save “millions of euros” in borrowing costs that could be redirected towards social spending and healthcare.
