ZAGREB, April 3, 2020 - Standard & Poor's ratings agency has reaffirmed the credit rating for the Zagrebački Holding multi-utility conglomerate at 'B+', revising the company's outlook from stable to negative due to uncertainty regarding the city's ability to provide timely support in light of the COVID-19 pandemic and the March 22 earthquake.
In September 2019, S&P reaffirmed the long-term rating for Zagrebački Holding at 'B+' with a stable outlook.
Following a rating downgrade for the City of Zagreb, the owner of the company, the agency revised the outlook on Zagrebački Holding on Wednesday, saying that it was not certain whether the City of Zagreb could provide timely support to the holding because of the combined effects of the coronavirus outbreak and the recent earthquake.
The agency also cited potential pressures on the holding's liquidity in the near term, which could result in a downgrade.
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