Standard & Poor's - Czech ratings

International ratings agency Standard & Poor's on Monday affirmed the Czech Republic's foreign and local currency sovereign credit ratings and said the outlook for the Czech economy was stable. Standard & Poor's said the credit ratings on the Czech Republic are supported by the country's diversified and competitive economy, and moderate though rising government debt burden. The foreign currency rating was kept at A/A-1 and local currency at A+/A-1. The agency warned however that the Czech Republic's main credit problem was “the absence of a political consensus in favour of undertaking deeper fiscal reform” and said it could downgrade its ratings if public finances deteriorate.