S&P affirms B+ rating on Croatia’s Zagrebacki Holding

S&P highlights Zagrebacki Holding's key advantage as its involvement in various public services carried out on behalf of municipal authorities, according to a filing with the Zagreb Stock Exchange.

The new management of the holding has successfully implemented a strategy which generated positive EBITDA in 2022 and the credit rating agency believes that Zagrebacki Holding will continue to optimise its operations and costs to provide stable earnings over the next two years.

In July 2023, the holding effectively refinanced a 2.3 billion kuna ($332 million/305 million euro) bond through a new sustainable bond issue totaling 305 million euro.

($ = 0.919 euro)