{"id":49439,"date":"2026-04-20T20:22:24","date_gmt":"2026-04-20T20:22:24","guid":{"rendered":"https:\/\/www.europesays.com\/sk\/49439\/"},"modified":"2026-04-20T20:22:24","modified_gmt":"2026-04-20T20:22:24","slug":"pride-slovensko-o-svoj-sucasny-rating","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/sk\/49439\/","title":{"rendered":"Pr\u00edde Slovensko o svoj s\u00fa\u010dasn\u00fd rating?"},"content":{"rendered":"

\t\t\t\t\t\t\t<\/p>\n

\t\t\t\t\tS\u00eddlo Ministerstva financi\u00ed Slovenskej republiky v Bratislave. Foto: SITA<\/p>\n

\t\t\t\"autor<\/p>\n

Slovensko v r\u00e1mci pondel\u0148aj\u0161ej aukcie \u0161t\u00e1tnych dlhopisov predalo cenn\u00e9 papiere za vy\u0161e pol miliardy eur. Hoci z\u00e1ujem investorov o slovensk\u00e9 dlhopisy trv\u00e1, analytik Slovenskej sporite\u013ene Mari\u00e1n Ko\u010di\u0161 upozor\u0148uje, \u017ee v r\u00e1mci najbli\u017e\u0161ieho hodnotenia agent\u00fary S&P nemo\u017eno vyl\u00fa\u010di\u0165 zn\u00ed\u017eenie ratingu Slovenska o jeden stupe\u0148.<\/p>\n

V konkuren\u010dnej \u010dasti aukcie \u0161t\u00e1tnych dlhopisov<\/a> v pondelok predalo Slovensko dlhopisy v celkovom objeme 517 mili\u00f3nov eur. Celkov\u00fd dopyt v r\u00e1mci tohto procesu prev\u00fd\u0161il realizovan\u00fd objem viac ako trojn\u00e1sobne, k \u010domu prispel najm\u00e4 z\u00e1ujem o dlhopis so splatnos\u0165ou v roku 2031. Priemern\u00fd akceptovan\u00fd v\u00fdnos do splatnosti sa pod\u013ea \u00fadajov zverejnen\u00fdch \u0161t\u00e1tnou Agent\u00farou pre riadenie dlhu a likvidity<\/a> (ARDAL) pohyboval od 2,67 % p. a. pri dlhopisoch splatn\u00fdch vo febru\u00e1ri 2028 a\u017e po 3,64 % p. a. pri dlhopisoch so splatnos\u0165ou v apr\u00edli 2036.<\/p>\n

Mohlo by v\u00e1s zauj\u00edma\u0165:<\/p>\n

Reklama<\/p>\n

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Z h\u013eadiska celkov\u00e9ho hospod\u00e1renia \u0161t\u00e1tu je d\u00f4le\u017eit\u00fd kumulat\u00edvny v\u00fdsledok za doteraj\u0161\u00ed priebeh roka. Objem prostriedkov, ktor\u00e9 si Slovensko v prv\u00fdch \u0161tyroch mesiacoch tohto roka po\u017ei\u010dalo na finan\u010dn\u00fdch trhoch, vr\u00e1tane retailov\u00fdch dlhopisov, sa tak pohybuje bl\u00edzko 50 percent predpokladan\u00e9ho ro\u010dn\u00e9ho objemu.<\/p>\n

V\u00fdsledky pondel\u0148aj\u0161ej aukcie \u0161t\u00e1tnych dlhopisov si m\u00f4\u017eete pozrie\u0165 ni\u017e\u0161ie:<\/p>\n

\u201ePriemern\u00e9 v\u00fdnosy do splatnosti boli v porovnan\u00ed s predch\u00e1dzaj\u00facou aukciou mierne ni\u017e\u0161ie, no vo v\u0161eobecnosti st\u00e1le reflektovali rast\u00face obavy z infla\u010dn\u00fdch tlakov v d\u00f4sledku vojny na Bl\u00edzkom v\u00fdchode, ktor\u00e1 od za\u010diatku marca zv\u00fd\u0161ila cenu pe\u0148az\u00ed na finan\u010dnom trhu,\u201c komentoval v\u00fdsledky aukcie analytik Slovenskej sporite\u013ene Mari\u00e1n Ko\u010di\u0161<\/a>.<\/p>\n

Aktu\u00e1lna rizikov\u00e1 prir\u00e1\u017eka slovensk\u00fdch 10-ro\u010dn\u00fdch dlhopisov sa pod\u013ea neho nach\u00e1dza okolo \u00farovne 70 b\u00e1zick\u00fdch bodov. V\u00fdznamn\u00fdm faktorom, ktor\u00fd Slovensku pri financovan\u00ed na\u010falej pom\u00e1ha, zost\u00e1va \u010dlenstvo v euroz\u00f3ne. N\u00e1klady na financovanie s\u00fa v\u010faka tomu vo ve\u013ekej miere ukotven\u00e9 podmienkami v celej euroz\u00f3ne a odv\u00edjaj\u00fa sa od spolo\u010dnej menovej politiky ECB<\/a>. Udr\u017eanie d\u00f4very investorov v udr\u017eate\u013enos\u0165 slovenskej ekonomiky v\u0161ak analytik pova\u017euje za k\u013e\u00fa\u010dov\u00fd predpoklad v s\u00fa\u010dasnom obdob\u00ed zv\u00fd\u0161enej neistoty.<\/p>\n

\tVer\u00edte v stabilitu slovenskej ekonomiky v najbli\u017e\u0161om obdob\u00ed?<\/p>\n

Napriek tomu, \u017ee Slovensku sa aj za pomoci \u010dlenstva v euroz\u00f3ne dar\u00ed dr\u017ea\u0165 z\u00e1ujem investorov o \u0161t\u00e1tne cenn\u00e9 papiere, nie je \u00faplne vyl\u00fa\u010den\u00e9, \u017ee u\u017e v najbli\u017e\u0161\u00edch d\u0148och bude adres\u00e1tom zlej spr\u00e1vy.<\/p>\n

Pokia\u013e ide o bud\u00faci v\u00fdvoj ratingu, analytik Slovenskej sporite\u013ene<\/a> uv\u00e1dza, \u017ee pri najbli\u017e\u0161om hodnoten\u00ed agent\u00fary S&P nemo\u017eno vyl\u00fa\u010di\u0165 zn\u00ed\u017eenie ratingu o jeden stupe\u0148. Slovensko m\u00e1 u tejto agent\u00fary na\u010falej negat\u00edvny v\u00fdh\u013ead a nach\u00e1dza sa v utlmenom makroekonomickom prostred\u00ed. \u201ePokia\u013e ide o ratingov\u00fd v\u00fdh\u013ead, pri najbli\u017e\u0161om hodnoten\u00ed agent\u00fary S&P nemo\u017eno vyl\u00fa\u010di\u0165 ani pr\u00edpadn\u00e9 zn\u00ed\u017eenie ratingu Slovenska o jeden stupe\u0148, ke\u010f\u017ee krajina m\u00e1 na\u010falej negat\u00edvny v\u00fdh\u013ead a makroekonomick\u00e9 prostredie zost\u00e1va utlmen\u00e9,\u201c tvrd\u00ed Ko\u010di\u0161.<\/p>\n

Na druhej strane, analytik dod\u00e1va, \u017ee pr\u00edpadn\u00e9 jednokrokov\u00e9 zn\u00ed\u017eenie by nemalo ma\u0165 v\u00fdraznej\u0161\u00ed dosah na po\u017eadovan\u00e9 v\u00fdnosy v \u010fal\u0161\u00edch aukci\u00e1ch. Krajina by toti\u017e na\u010falej zostala v investi\u010dnom p\u00e1sme, konkr\u00e9tne v r\u00e1mci ratingovej kateg\u00f3rie A, ktor\u00e1 indikuje siln\u00fa schopnos\u0165 plni\u0165 finan\u010dn\u00e9 z\u00e1v\u00e4zky. V\u00fdvoj v\u00fdnosov bud\u00fa v nasleduj\u00facom obdob\u00ed viac ovplyv\u0148ova\u0165 extern\u00e9 faktory ako ceny energi\u00ed \u010di fi\u0161k\u00e1lna konsolid\u00e1cia.<\/p>\n

Slovensk\u00e1 republika m\u00e1 aktu\u00e1lne od ratingovej agent\u00fary Standard & Poor\u2019s ratingov\u00e9 hodnotenie A+ s negat\u00edvnym v\u00fdh\u013eadom. Ten zhor\u0161ila pred rokom v apr\u00edli, v okt\u00f3bri<\/a> ponechala e\u0161te rating bez zmeny. <\/p>\n

Pre\u010do je rating d\u00f4le\u017eit\u00fd?<\/p>\n

\u00darove\u0148 ratingu krajiny je pritom k\u013e\u00fa\u010dov\u00e1 pri rozhodovan\u00ed investorov o nakupovan\u00ed ich dlhopisov, \u010do je z\u00e1kladn\u00fd sp\u00f4sob financovania ich rozvoja a fungovania. \u010c\u00edm lep\u0161\u00ed rating krajina m\u00e1, t\u00fdm ni\u017e\u0161iu rizikov\u00fa prir\u00e1\u017eku s\u00fa investori ochotn\u00ed pri n\u00e1kupe \u0161t\u00e1tnych dlhopisov akceptova\u0165 kv\u00f4li ni\u017e\u0161iemu riziku nesplatenia dlhu.<\/p>\n

Pre porovnanie, aktu\u00e1lny rating Nemecka je na \u00farovni AAA so stabiln\u00fdm v\u00fdh\u013eadom, \u010do je v\u00f4bec najv\u00e4\u010d\u0161ie mo\u017en\u00e9 ratingov\u00e9 hodnotenie od S&P. Oproti Slovensku je tak rating Nemecka lep\u0161\u00ed o \u0161es\u0165 stup\u0148ov, pri\u010dom treba doplni\u0165, \u017ee slovensk\u00fd rating m\u00e1 st\u00e1le negat\u00edvny v\u00fdh\u013ead. Susedn\u00e9 \u010cesko si dr\u017e\u00ed rating AA- so stabiln\u00fdm v\u00fdh\u013eadom, o tri stupne lep\u0161\u00ed, ako rating Slovenska.<\/p>\n

Viac o t\u00e9me:
\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t\tAgent\u00fara pre riadenie dlhu a likvidity ARDAL\t\t\t\t\t\t\t\t\t\t<\/a>
\n\t\t\t\t\t\t\t\t\t\t, \t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t\tECB\t\t\t\t\t\t\t\t\t\t<\/a>
\n\t\t\t\t\t\t\t\t\t\t, \t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t\teuroz\u00f3na\t\t\t\t\t\t\t\t\t\t<\/a>
\n\t\t\t\t\t\t\t\t\t\t, \t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t\tfinan\u010dn\u00e9 trhy\t\t\t\t\t\t\t\t\t\t<\/a>
\n\t\t\t\t\t\t\t\t\t\t, \t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t\tinfla\u010dn\u00e9 tlaky\t\t\t\t\t\t\t\t\t\t<\/a>
\n\t\t\t\t\t\t\t\t\t\t, \t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t\trating\t\t\t\t\t\t\t\t\t\t<\/a>
\n\t\t\t\t\t\t\t\t\t\t, \t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t\tratingov\u00e1 spolo\u010dnos\u0165\t\t\t\t\t\t\t\t\t\t<\/a>
\n\t\t\t\t\t\t\t\t\t\t, \t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t\tS&P rating\t\t\t\t\t\t\t\t\t\t<\/a>
\n\t\t\t\t\t\t\t\t\t\t, \t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t\tslovensk\u00e1 ekonomika\t\t\t\t\t\t\t\t\t\t<\/a>
\n\t\t\t\t\t\t\t\t\t\t, \t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t\tStandard & Poor’s S&P\t\t\t\t\t\t\t\t\t\t<\/a>
\n\t\t\t\t\t\t\t\t\t\t, \t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t\t\u0161t\u00e1tne dlhopisy\t\t\t\t\t\t\t\t\t\t<\/a>
\n\t\t\t\t\t\t\t\t\t\t, \t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t\tverejn\u00e9 financie\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/p>\n","protected":false},"excerpt":{"rendered":"S\u00eddlo Ministerstva financi\u00ed Slovenskej republiky v Bratislave. Foto: SITA Slovensko v r\u00e1mci pondel\u0148aj\u0161ej aukcie \u0161t\u00e1tnych dlhopisov predalo cenn\u00e9…\n","protected":false},"author":2,"featured_media":49440,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[32],"tags":[20374,4894,20375,4420,34,37,20376,33,20377,20378,20379,43,40,39,42,1441,41,36,20380,3747,38,35,1503],"class_list":{"0":"post-49439","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-spravy","8":"tag-agentura-pre-riadenie-dlhu-a-likvidity-ardal","9":"tag-ecb","10":"tag-eurozona","11":"tag-financne-trhy","12":"tag-headlines","13":"tag-hlavne-spravy","14":"tag-inflacne-tlaky","15":"tag-news","16":"tag-rating","17":"tag-ratingova-spolocnost","18":"tag-sp-rating","19":"tag-sk","20":"tag-slovak","21":"tag-slovakia","22":"tag-slovencina","23":"tag-slovenska-ekonomika","24":"tag-slovensko","25":"tag-spravy","26":"tag-standard-poors-sp","27":"tag-statne-dlhopisy","28":"tag-titulky","29":"tag-top-stories","30":"tag-verejne-financie"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@sk\/116438902039558320","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/sk\/wp-json\/wp\/v2\/posts\/49439","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/sk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/sk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/sk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/sk\/wp-json\/wp\/v2\/comments?post=49439"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/sk\/wp-json\/wp\/v2\/posts\/49439\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/sk\/wp-json\/wp\/v2\/media\/49440"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/sk\/wp-json\/wp\/v2\/media?parent=49439"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/sk\/wp-json\/wp\/v2\/categories?post=49439"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/sk\/wp-json\/wp\/v2\/tags?post=49439"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}