Croatia: S&P Downgrades Rating

Politics ♦ Published: January 24, 2014; 18:24 ♦ (Vindobona)

Standard&Poors; has downgraded Croatia’s rating to “BB”. The outloock on the long-term rating for the country is at least “stable”.

Croatia: S&P Downgrades Rating / Picture: ©

The reason for the decision to downgrade Croatia was the still high budget deficit and the ongoing recession, which will now be in a sixth year in a row, as referred to by the raging agency. The newest EU member country is now two levels below investment grade. However, the outlook on the long-term rating was upgraded from “negative” to “stable”, as announced by the rating…