Croatia Junk Credit Rating Lowered by Standard and Poor

A change in Croatia’s credit rating… 

The Standard and Poor (S&P) junk credit rating has been lowered from ‘stable’ to ‘negative’, to an assessment of BB, according to a report in Bloomberg on July 17, 2015. Fitch Ratings also has Croatia at BB, while Moody’s Investor’s Services rates Croatia one level higher, at Ba1.

“Croatia’s general government indebtedness, as a share of gross domestic product, will continue to increase to over 90 percent in 2016, after doubling since 2008,” S&P analyst Felix Winnekens said Friday in a statement from Frankfurt. “We foresee a marked risk that the policy response to increasing debt and momentum for reform could be insufficient.”

 

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