S&P cuts Zagrebacki

Standard & Poor's said it lowered its long-term issuer credit rating on Zagrebacki Holding doo to B+ from BB-. The outlook is negative.

The agency said the rating on Croatia-based Zagrebacki Holding reflects its assessment of the likelihood that the company's 100% owner, the City of Zagreb, would provide timely and sufficient extraordinary support in the event of financial distress as high.

Additionally, the agency's assessment of the company's stand-alone credit profile is ccc+.

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