Slovak rating agency increased rating of Trnava (city of) to the level of state. Trnava has been placed by the agency's watchlist a short time ago.
Long-term local currency rating was upgraded to A- from previous BBB+, while the long-term foreign currency rating was upgraded to BBB- from previous BB+. The outlook of both new ratings is stable. Short-term rating of the city remained at unchanged level of S2+.
Better rating is resulting mainly from the fact that global rating agencies during last weeks upgraded sovereign rating of Slovakia. Since Trnava belongs to the least risky municipalities in Slovakia, higher rating of the state made also space for better evaluation of this municipal rating. Based on rating process Slovak rating agency believes that city of Trnava is ready to take over competences resulting from the public administration reform, without any significant negative influence on financial indicators of the municipality.
Slovak Rating Agency
Bratislava, 27 November 2001