S&P ups Hrvatska Elektroprivreda

Standard & Poor's said it raised its foreign currency rating on Hrvatska Elektroprivreda dd to BBB from BBB-.

At the same time, the agency said it affirmed its BBB local currency corporate credit rating on the company.

The outlook is negative.

The foreign currency rating action follows a previous revision of the foreign currency rating on the Republic of Croatia (foreign currency BBB/stable/A-3; local currency BBB+/stable/A-2), S&P said.

The agency noted that the ratings are underpinned by moderate debt, adding weaknesses include the lack of a formalized tariff mechanism, significant operational challenges and liquidity constraints.

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