S&P Downgrade Sparks Row Over Political Factors in Slovakia's Rating

The recent downgrade of Slovakia's credit rating by Standard & Poor's has ignited a firestorm of debate, with the SME newspaper highlighting the contentious political undertones of the decision. S&P's justification, which pointed to the abolition of the Special Prosecutor's Office and the National Unit for Combating Corruption (NAKA) as factors influencing the rating, has been met with sharp criticism from the Slovak government.

Finance Minister Ladislav Kamenický has publicly decried the move, labeling it unfair and politically biased. He contrasts the current situation with a year prior, when S&P maintained Slovakia's 'A+' rating, a decision he then used to tout the government's successful consolidation efforts. Now, he appears to distance himself, suggesting the rating agency is unfairly penalizing the country for its domestic legal reforms.

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S&P vraj zdôvodňuje rating aj politicky, napríklad zrušením NAKA a špeciálnej prokuratúry, čo nie je fér.

While the SME's commentary acknowledges that a direct causal link between dismantling specific prosecution bodies and the state's debt may not be immediately apparent, it concedes the possibility of indirect consequences. The author suggests that a perceived decrease in legal certainty could deter investors, a concern that resonates with the agency's rationale. The piece implicitly suggests that Slovakia's trajectory, particularly in its legal and political landscape, warrants a more critical assessment, perhaps even aligning with ratings seen in countries like Hungary.

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Pravdu povediac, jasnú súvislosť medzi zrušením špeciálnej prokuratúry a štátnym dlhom nevidí ani autor.