S&P revises Zagrebacka to negative

Standard & Poor's said it revised its outlook on Croatia-based Zagrebacka banka dd to negative from stable and affirmed its BB long-term counterparty credit rating.

The outlook revision mirrors the July 17 action on the Republic of Croatia. The negative outlook on Croatia (BB/negative/B) reflects the agency’s view that Croatia's general government deb, which, as a share of GDP, has doubled since 2008, will continue to increase to over 90% of GDP in 2016.

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