Central Banking

Fitch cuts Czech currency rating, crown hit

CZECH REPUBLIC - International rating agency Fitch on Mar 28, 2001 cut the Czech Republic's long-term local currency rating, knocking the crown off recent historic highs, though analysts said the currency's firming trend remains.

Fitch said it cut the rating to A from A+. It affirmed the long-term foreign currency rating at BBB+ and the short-term ratings at F2 and said the outlook was stable. "The downgrade was prompted by the sharp fiscal deterioration expected this year and the subsequent i