S&P Lowers Slovakia Credit Rating to A on Weak Growth, Fiscal Strain

S&P Global Ratings on April 24, 2026, downgraded Slovakia’s sovereign credit rating to A from A+ with a stable outlook, citing weaker growth prospects and high government spending. The economy is expected to expand just 0.5% this year, pressured by weak consumer confidence, fiscal tightening, and subdued export demand amid global uncertainty. Growth is projected to recover to an average of 1.9% during 2027–2029, though still modest. Fiscal consolidation is seen progressing more slowly due to elevated spending on social programs, defense, and upcoming elections. As a result, the fiscal deficit is forecast to average 4.8% of GDP in the coming years, pushing net government debt to around 62% of GDP by 2029, roughly 20 percentage points above pre-pandemic levels. Moody’s credit rating for Slovakia was last set at A3 with stable outlook. DBRS’ credit rating for Slovakia was last reported at A (low) with stable outlook.