S&P revises Zagrebacka banka view to positive

S&P said it revised its outlook on Zagrebacka Banka (Zaba) to positive from stable and affirmed the BB+ long-term issuer credit rating and BB+ resolution counterparty rating on the bank.

The outlook revision follows the similar action on the sovereign credit rating on Croatia.

“If we upgraded the sovereign, we may also incorporate more parental support into our ratings on Zaba. This is because we think that the bank will continue to operate as a strategically important subsidiary within the UniCredit group (BBB/stable/A-2),” S&P said in a news release.

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