Standard & Poors downgrades Slovenia credit rating

Standard & Poors on Wednesday downgraded Slovenia's sovereign credit rating, to 'AA-/A-1+' from 'AA/A-1+'. "In our view, Slovenia's fiscal position has deteriorated since the onset of the 2008 financial crisis," the ratings agency said. "Policy makers have not thus far presented a consolidation strategy we consider credible. The outlook, added the agency, "is stable and balances the still-moderate, if increasing, debt burden" against what the firm said was the likelihood of further delays to reforms, which "could put at risk the competitiveness of the Slovenian economy and thus its growth prospects."