Fitch affirms Zagrebacka Banka

Fitch Ratings said it affirmed Zagrebacka Banka's long-term issuer default rating at BBB+ and short-term issuer default rating at F2

The outlook is negative.

The ratings are based on high potential support from its ultimate owner, UniCredit SpA and are constrained by Croatia's country ceiling of BBB+, Fitch said.

The rating reflects its leading market share, satisfactory profitability and adequate capitalization, the agency said.

The ratings also consider the risk of further asset quality deterioration in a weaker operating environment, Fitch added.

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