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S&P revises outlook on Croatia's Zagrebacka Banka

S&P Global Ratings on Oct. 3 revised the outlook on Zagrebacka Banka d.d.'s long-term counterparty credit rating to positive from stable, while affirming the rating at BB.

The outlook revision reflects that on Croatia, whose long-term foreign- and local-currency sovereign credit ratings outlook was changed to positive from stable on Sept. 22. The Croatian economy is expected to grow 3% in 2017 on the back of strong domestic demand and exports, S&P said.

The agency said it could raise the Croatian bank's long-term rating following an upgrade of the country.

Zagrebacka Banka is owned by UniCredit SpA.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.