S&P cuts Hrvatska Elektropriveda outlook to negative

Standard & Poor's said it revised its outlook to negative from stable on Hrvatska Elektropriveda dd.

At the same time, the agency said it affirmed its BBB long-term corporate ratings on Hrvatska Elektropriveda.

The outlook was revised in response to the rating action on the Republic of Croatia (foreign currency, BBB/negative/A-3; local currency, BBB+/negative/A-2), the agency said, adding that the outlook revision on the Republic of Croatia reflects risks to Croatia's ability to finance high external imbalances in the present difficult international environment.

S&P said that its assessment of the company's stand-alone credit quality is BB+, with a two-notch uplift for extraordinary support by the sole owner, the Republic of Croatia.

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