Moody's lowers Zagreb

Moody's Investors Service said it downgraded the City of Zagreb's issuer rating to Baa3 from Baa2 and confirmed the Baa3 debt rating of the city's utility company, Zagrebacki Holding DOO.

The outlook is stable.

The action concludes a review that began in April, and reflects deeper-than-expected deterioration of macroeconomic conditions, Moody's said.

The downgrade also follows the agency's downgrade of Croatia's local-currency bond rating to Baa3 from Baa2, reflecting an expectation that Zagreb's stand-alone creditworthiness will be negatively impacted by the worsening operating environment, the agency said.

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