Fitch affirms Zagrebacka Banka

Fitch Ratings said it affirmed Croatia-based Zagrebacka Banka's issuer default rating at BBB+, short-term rating at F2, support rating at 2 and individual rating at C/D.

The outlook is stable.

The ratings are based on potential support from its majority shareholder UniCredito Italiano (A+/positive outlook) and are constrained by the country ceiling for Croatia, the agency said.

The bank's individual rating reflects its dominant market share, sound profitability, satisfactory liquidity and operational benefits as part of the UniCredito Italiano group, Fitch said, adding that the rating also reflects the bank's relatively high, but declining, impaired loans and the risk inherent in its foreign business.

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