S&P revises Zagrebacki outlook to stable

Standard & Poor's said it revised its outlook Zagrebacki Holding d.o.o. to stable from negative.

At the same time, the agency affirmed the B long-term issuer credit rating.

S&P said the outlook revision reflects the recent improvement in Zagrebacki’s liquidity position following the successful refinancing of its short-term debt and additional financial support from Zagreb. Both factors reduce the possibility of lowering the rating on Zagrebacki, the agency said.

The rating on Zagrebacki reflects S&P’s assessment of the high likelihood that the company's 100% owner, Zagreb, would provide timely and sufficient extraordinary support in the event of financial distress. It also reflects S&P’s assessment of the company's weak liquidity position and its ccc+ standalone credit profile.

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