S&P raises Czech Republic's credit rating

Standard & Poor's Ratings Services said today it had raised its long-term foreign currency credit ratings on the Czech Republic to A from A- and its long-term local currency rating to A+ from A. S&P's credit analyst Kai Stukenbrock said the upgrade reflected the implementation of public finance reform, which will help bring down the Czech Republic's comparatively high government deficit. The ratings are furthermore supported by good economic growth prospects, a well diversified and wealthy economy, and an above-par external position, Stukenbrock said. The higher the rating, the cheaper the country can borrow money.