S&P lowers Zagrebacki Holding

S&P said it lowered its long-term issuer credit rating on Zagrebacki Holding d.o.o. (ZGH) to B+ from BB-. The outlook is stable.

The rating action follows the bank’s weaker-than-expected operating performance in 2017 due to increasing operating expenses, with adjusted EBITDA of Croatian kuna 508 million compared with HRK 762 million in 2016, and S&P’s expectation of no material improvement in 2018.

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