Standard & Poor’s agency confirmed last week the credit ratings of the City of Zagreb and Croatian Bank for Rebuilding and Development, while elevating the rating of Zagreb Holding by one degree to BB-
After confirming a week ago the current long term rating of Croatia at BB and short term at B, with negative forecast, last week this agency also retained the rating of the City of Zagreb at BB, with negative forecast, Tportal.hr reported on July 23, 2016.
“Zagreb has shown the ability to withstand challenges regarding its income capacities after last year’s changes to the tax system in the state. The city has shown very strong budget results in line with our expectations,” stated Standard & Poor’s on Friday.
Hence they confirmed the rating of the City of Zagreb at BB, while the negative forecast reflects the negative forecast of Croatia.
The agency also retained the long and short term ratings of HBOR at BB and B, with negative forecast.