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S&P upgrades Croatian development bank HBOR

S&P Global Ratings on March 28 upgraded Hrvatska banka za obnovu i razvitak's long-term foreign- and local-currency issuer credit ratings to BB+ from BB and revised the outlook on the bank to stable from positive.

S&P also affirmed the Croatian development bank's B short-term foreign- and local-currency issuer credit ratings.

The upgrade reflects a similar action taken by the agency on Croatia. S&P has equalized the bank's ratings with the sovereign's as it believes that the country will provide timely and sufficient support to Hrvatska banka za obnovu i razvitak in the event of financial distress.

The stable outlook reflects that on Croatia, with future ratings actions on the country to result in similar actions on the bank.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings documents referred to in this news brief can be found here.