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the so-called economic “Tiger” of Central and Eastern Europe. These investments have largely come as result of the flat tax regime, good infrastructure, the availability of state incentives and an educated workforce. In 2010 this story continues with a large Taiwanese electronics group having just confirmed its firm intention to establish a production site in Slovakia.

The Slovak economy has been following a path of robust growth driven by rising FDI inflows. These significant levels of FDI for a country of Slovakia’s size are expected to assist in the creation of a stable economic base from which the country’s economy can grow increasingly stronger. This expectation has not been affected by the credit crisis.

2009

A+ stable outlook

A1 stable outlook

A+ stable outlook

A

2008

A positive outlook

A1 positive outlook

A+ stable outlook

A

2007

A stable outlook

A1 stable outlook

A positive outlook

A

2006

A stable outlook

A1 stable outlook

A stable outlook

A

2005

A stable outlook

A2 positive outlook

A- stable outlook

BBB+

2004

BBB+ positive outlook

A3 positive outlook

A- stable outlook

BBB

2003

BBB positive outlook

A3 stable outlook

BBB positive outlook

BBB

2002

BBB positive outlook

A3 stable outlook

BBB- positive outlook

BBB

2001

BBB- positive outlook

Baa3 stable outlook

BB+ positive outlook

BBB

2000

BB+ positive outlook

Ba1 positive outlook

BB+ stable outlook

BB+

1999

BB+ stable outlook

Ba1 stable outlook

BB+

BB+

1998

BB+ negative outlook

Ba1 negative outlook

BB+

BBB

Sovereign Rating from 1998 to 2009 (Long-term Foreign Currency Sovereign Rating)

Source: National Bank of Slovakia, Bloomberg, R&I

TABLE 6

FITCH

R&I

Year

Rating Agency

Standard&Poor'

s

Moody's

23

©2010 KPMG Slovensko spol. s r.o. , a Slovak limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

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