Moody’s rates Zagrebacki Holding Ba2

Moody's Public Sector Europe said it assigned a Ba2 long-term issuer rating to Zagrebacki Holding d.o.o., a 100%-owned utility company of the City of Zagreb.

The outlook is stable.

The Ba2 rating on the senior unsecured bond maturing in July 2017 is unaffected.

Moody’s said the issuer rating of Zagrebacki Holding reflects the opinion that its credit quality is closely linked to the credit quality of the City of Zagreb (Ba2, stable). Zagrebacki Holding benefits from its strong institutional and financial linkages with the City of Zagreb as its sole owner, either in the form of subsidies or regulated tariffs in most businesses, the agency added.

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