S&P affirms Zagreb

Standard & Poor's said it affirmed its BBB- foreign currency and BBB local currency long-term issuer credit ratings on the Croatian City of Zagreb following a review. The outlook on the foreign currency is positive and on the local currency is stable.

S&P said the ratings on Zagreb are based on its status as the economic, financial and administrative center of the Republic of Croatia (foreign currency BBB-/positive/A-3; local currency BBB+/positive/A-2), together with its strong financial indicators and low debt levels.

Constraining factors include limited financial flexibility, relatively high foreign currency risk and moderate off-balance-sheet liabilities, S&P said.

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