Moody's upgrades to Baa2 the rating of Zagreb Holding; stable outlooks

20th July 2022 - Moody's raised Zagreb Holding's long-term rating by two levels on Tuesday (July 19th 2022), from Ba1 to Baa2, placing it in the investment category, with a stable outlook.

The credit rating followed Moody's decision to raise the rating of the Republic of Croatia to Baa2 from Ba1 on 15 July 2022.

The stable outlook for Zagreb Holding's rating reflects the stable outlook of the owner, the City of Zagreb and Moody's expectations that Holding will maintain strong institutional, operational, economic and financial ties with the City of Zagreb. As a result, Moody's believes that Holding's credit quality is ultimately aligned with the City of Zagreb's credit rating.