Moody's rates Zagrebacka bonds A2

Moody's Investors Service said it assigned a rating of A2 to the upcoming issue of unsecured unsubordinated notes by Zagrebacka banka.

Moody's said the rating of the notes issue has pierced Croatia's sovereign ceiling for foreign currency bonds of Baa3.

The level of the rating reflects the high degree of support that Unicredito Italiano, the bank's majority owner, is likely to extend to Zagrebacka banka in case of distress. The A2 rating does take into account the limited transfer risk that applies to this particular bond issue, Moody's said.

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