S&P kept the credit rating of Zagrebačka bank to 'BB+'

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Standard & Poor's  agency maintained  the rating of Zagreb Bank (ZABA) to ‘ BB +’ ,with a negative outlook , noting the bank's leading position in the Croatian market and adequate capitalization , but a high exposure to government through stakes in government securities and loans  to government entities .

The Agency continues to believe that the Zagreb Bank ” is strategically important ” ,subsidiary  of UniCredit Bank Austria AG , the majority shareholder of the bank with a share of 84.5 percent.

“We believe that the Zagreb Bank fits in UniCredit's goal to become a major player in the business of banking in Central and Eastern Europe. Nevertheless , our long-term rating  of Zaba  we maintain to assessment  for  the long-term debt of Croatia in foreign currency , or” BB + ” ,” it is stated in  the statement .

Negative outlook  of S & P – I banks for rating of Zagreb bank  maintain  probability of its lowering ,in the case of fall of  Croatia’s rating .

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” There is a possibility that we will lower the Croatian rating if the Croatian economy weakens more than our current forecast , with the deepening of the deficit or the  worsening of external financing ,” states  the S & P – .

In S. & P – it is estimated that the bussines position of  Zagreb  bank is very strong. The Bank has been long present in the domestic market and holds a share of about 25 percent in loans and deposits.

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