FinMin says S&P rating best under given circumstances

Croatian Finance Minister Zdravko Maric has said that the decision of the S&P Global Ratings agency to affirm its 'BB' long-term and 'B' short-term foreign and local currency sovereign credit ratings on Croatia with the outlook remaining negative "is the best we could achieve in the current moment".

"Given all the current circumstances and facts, this is the best we could achieve now," Maric said after S&P issued the latest assessment of Croatia's ratings on Friday.

In his statement to Hina on the phone, Minister Maric recalled that at the start of its term in late Janaury, the Tihomir Oreskovic cabinet defined the stabilisation of Croatia's rating outlooks as one of its major short-term objectives, in order to create conditions for the improvement of the rating in the years ahead.

Maric said that S&P recognised positive trends in the Croatian economy, including the growth in all macro-economic aggregates, such as the growth in GDP and its components and the government's efforts to put public finances in order.

"Great emphasis is always put on the fiscal policy. Definitely, S&P has recognised and positively assessed our budget and the targeted budget deficit below 3% of GDP as a precondition to stabilise and reverse a markedly negative trend of a growing public debt," Maric told Hina.

He also underscores that the credit ratings agency has also warned that the current political uncertainty may be a tailwind for Croatia's prospects.

All in all, we can be satisfied as S&P puts greater emphasis on our positive economic trends, the minister in the caretaker government said.

Last update: Fri, 15/07/2016 - 22:07

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