Moody's: Croatia view to negative

Moody's Investors Service said it changed the outlook on Croatia's Ba1 government bond rating to negative from stable and affirmed its Ba1 rating.

Moody's said the key drivers of the outlook change are: (a) Croatia's impaired medium-term economic outlook, owing to competitiveness challenges, continued deleveraging and the growth-dampening effect of fiscal consolidation efforts; (b) the slow pace of fiscal deficit reduction, which will keep government debt ratios and annual financing needs above those of many similarly rated peers; and (c) large external debt-servicing requirements that keep Croatia's external liquidity position tight.

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