S&P lifts Zagrebacki

S&P said it raised the long-term corporate credit rating on Zagrebacki Holding doo to BB- from B+.

The outlook is negative.

The upgrade considers management’s substantial successful efforts to improve its financial standing and liquidity position, S&P said.

These efforts include the refinancing of short-term debt, extension of its maturity profile, improvement of the company's liquidity and optimization of business operations through cost reductions and strategic decision-making, the agency said.

S&P noted that more than 50% of the group's debt is euro-denominated without any hedges in place, which is why a negative capital structure modifier is applied.

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