S&P lifts Zagreb to stable

S&P said it revised the outlook on Croatia's capital, the city of Zagreb to stable from negative.

The agency also said it affirmed the BB long-term issuer credit rating on Zagreb.

The outlook revision follows a recent similar revision of the outlook on Croatia to stable from negative, S&P said.

The long-term rating on Zagreb remains at the same level as that on the sovereign, the agency added.

S&P said it currently does not rate Croatian local or regional governments higher than the sovereign.

The city’s ratings reflect the city's weak budgetary flexibility, financial management and liquidity position, as well as the volatile and unbalanced institutional framework for Croatian local and regional governments, the agency said.

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