S&P ups Zagrebacki Holding

S&P said it raised its long-term issuer credit rating on Zagrebacki Holding d.o.o. (ZGH) to B from B-.

The outlook is stable.

On Sept. 23, S&P upgraded the City of Zagreb, sole owner of Zagrebacki Holding, to BB from BB-.

“We believe the city will continue to support ZGH, on easier access to liquidity and strong economic growth, and note that ZGH's liquidity has improved since recently refinancing about 80% of its loan portfolio,” S&P said in a news release.

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