Moody’s changes outlook on Croatia to positive
Credit rating company Moody’s has changed Croatia’s outlook from stable to positive, affirming the country’s long-term local and foreign currency issuer and senior unsecured debt credit rating at Ba2.
Although the surplus was lower (0.2 per cent of GDP), in large part due to the activation of a state guarantee regarding the Uljanik Shipyard, Croatia confirmed a positive trend throughout 2018.
In its statement, Moody’s highlighted how the improved fiscal performance is mainly attributable to a significant reduction in the structural deficit and that the set of measures contained in the new Fiscal Responsibility Act should strengthen the existing fiscal framework, bringing Croatia’s framework closer to the European standards.
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