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Sep 25, 2023 12:15 EEST
September 25 (SeeNews) - S&P Global Ratings has upgraded the rating on the Croatian capital Zagreb to 'BB+' from 'BB' due to improving liquidity, with a positive outlook.
"The city of Zagreb has substantially strengthened its liquidity holdings and we expect its liquidity position to continue to strengthen structurally," the credit rating agency said in a press release on Friday.
At the same time, resilient economic growth continues to underpin Zagreb's budgetary performance and S&P believes that the institutional setting for Croatian local governments is improving.
"The positive outlook reflects our expectation that continued economic growth, an improved institutional framework for Croatian local governments, and improving funding access in the wake of eurozone accession could further strengthen Zagreb's credit profile," it added.
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