S&P affirms Croatia

Standard & Poor's said it affirmed its BBB/A-3 foreign-currency and BBB+/A-2 local-currency sovereign credit ratings on the Republic of Croatia.

The outlook is stable.

The ratings are supported by its strong record of reform and structural economic improvement over the past few years, by the policy anchor provided by E.U. integration, S&P said, and by the economy's good growth prospects.

These factors are offset by Croatia's high, albeit stabilizing, private sector net external debt burden, by the need for further structural reforms, the agency said, and by significant reliance on the performance of the tourism sector.

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