August 8, 2012 / 4:43 PM / in 5 years

Fitch cuts Slovenia's rating by a notch, outlook negative

NEW YORK (Reuters) - Fitch ratings on Wednesday downgraded its credit rating on European Union member Slovenia by one notch to A-minus citing a deterioration in the country’s banking sector during 2012.

“The lack of a timely and credible bank recapitalization plan continues to put pressure on the rating,” Fitch said.

The agency added Slovenia’s sovereign funding conditions have deteriorated, which “could make it difficult for the government to finance fiscal and bank recapitalization requirements.”

Fitch said the rating outlook is negative, meaning the rating could be downgraded in the medium term. Fitch had cut Slovenia’s ratings by two notches in January.

Reporting by Rodrigo Campos; editing by Sofina Mirza-Reid

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