Moody's downgrades Zagrebacki

Moody's Investors Service said it downgraded the debt rating of the Zagrebacki Holding DOO, a 100%-owned utility company of the City of Zagreb, to Ba2 from Baa3 and placed the rating under review for further downgrade.

Moody's said the action follows: (a) Weaker than expected stand-alone creditworthiness of the holding company; and (b) Moody's decision to downgrade the City of Zagreb's issuer rating to Ba1 negative from Baa3 stable, following the recent downgrade of the sovereign bond rating of Croatia to Ba1 stable from Baa3 negative.

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