Fitch ups Zagrebacka viability to bb+

Fitch Ratings said it upgraded Zagrebacka Banka dd's viability rating to bb+ from bb and affirmed its long-term issuer default rating at BBB-, short-term issuer default rating at F3 and support rating at 2.

The outlook on the long-term issuer default rating is stable.

Fitch said the upgrade of the viability rating follows its upgrade of the long-term issuer default rating of the Croatian sovereign to BB+ from BB.

The upgrade was driven by what Fitch assesses to be an improvement of Croatia's operating environment and, in particular, of the sovereign credit risk profile, the agency explained.

Fitch said it sees a high correlation between the sovereign's and the bank's credit profiles, in particular given Zagrebacka high direct exposure to the sovereign.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.