S&P ups Zagreb to BBB

Standard & Poor's said it raised its foreign currency long-term issuer credit rating on the Croatian City of Zagreb to BBB from BBB-.

At the same time, S&P affirmed its local currency rating on Zagreb at BBB. The outlook is stable.

S&P said the rating action is based on the improving overall economic and financial situation in the Republic of Croatia (foreign currency BBB/stable/A-3; local currency BBB+/stable/A-2), where the city enjoys its status as the economic, financial, and administrative center.

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