Croatia: Sovereign credit ratings

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Sovereign credit ratings in Croatia: The table shows the history of sovereign credit ratings. Click on the following link to see the values of Sovereign credit ratings around the world. Sources: Fitch, Moody's, S&P, Scope.

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Agency Rating Outlook Date
Scope BBB+ Positive 5/2024
Fitch BBB+ Positive 4/2024
Moody's Baa2 Positive 11/2023
Fitch BBB+ Positive 10/2023
Standard & Poor's BBB+ Positive 9/2023
Scope BBB+ Stable 5/2023
Fitch BBB+ Stable 4/2023
Fitch BBB+ Stable 10/2022
Moody's Baa2 Stable 7/2022
Fitch BBB+ Stable 7/2022
Scope BBB+ Stable 7/2022
Moody's Ba1 Under Review 6/2022
Fitch BBB Positive 5/2022
Scope BBB- Positive 1/2022
Fitch BBB Positive 11/2021
Fitch BBB- Stable 5/2021
Fitch BBB- Stable 12/2020
Moody's Ba1 Stable 11/2020
Fitch BBB- Stable 6/2020
Fitch BBB- Stable 4/2020
Fitch BBB- Stable 4/2020
Fitch BBB- Positive 12/2019
Standard & Poor's NR NR 11/2019
Standard & Poor's BBB- Developing 6/2019
Fitch BBB- Positive 6/2019
Scope BBB- Stable 6/2019
Moody's Ba2 Positive 4/2019
Standard & Poor's BBB- Stable 3/2019
Fitch BB+ Positive 12/2018
Standard & Poor's BB+ Positive 9/2018
Fitch BB+ Positive 7/2018
Scope BB+ Stable 7/2018
Standard & Poor's BB+ Stable 3/2018
Fitch BB+ Stable 1/2018
Standard & Poor's BB Positive 9/2017
Scope BB Stable 9/2017
Fitch BB Stable 7/2017
Scope BB Under Review 5/2017
Moody's Ba2 Stable 3/2017
Fitch BB Stable 1/2017
Standard & Poor's BB Stable 12/2016
Fitch BB Negative 7/2016
Moody's Ba2 Negative 3/2016
Fitch BB Negative 1/2016
Standard & Poor's BB Negative 7/2015
Fitch BB Stable 9/2014
Fitch BB Stable 8/2014
Fitch BB+ Negative 7/2014
Fitch BB+ Negative 6/2014
Fitch BB+ Negative 5/2014
Fitch BB+ Negative 4/2014
Moody's Ba1 Negative 3/2014
Fitch BB+ Negative 3/2014
Fitch BB+ Negative 2/2014
Standard & Poor's BB Stable 1/2014
Fitch BB+ Stable 1/2014
Fitch BB+ Stable 12/2013
Fitch BB+ Stable 11/2013
Fitch BB+ Stable 10/2013
Fitch BB+ Stable 9/2013
Standard & Poor's BB+ Negative 8/2013
Fitch BBB- Negative 7/2013
Fitch BBB- Negative 6/2013
Fitch BBB- Negative 5/2013
Fitch BBB- Negative 3/2013
Moody's Ba1 Stable 2/2013
Standard & Poor's BB+ Stable 12/2012
Fitch BBB- Negative 11/2012
Fitch BBB- Negative 8/2012
Fitch BBB- Negative 7/2012
Moody's Baa3 Negative 5/2012
Fitch BBB- Negative 5/2012
Fitch BBB- Negative 4/2012
Fitch BBB- Negative 3/2012
Fitch BBB- Negative 2/2012
Fitch BBB- Negative 1/2012
Fitch BBB- Negative 12/2011
Fitch BBB- Negative 11/2011
Fitch BBB- Negative 7/2011
Standard & Poor's BBB- Negative 12/2010
Fitch BBB- Negative 5/2009
Standard & Poor's BBB Negative 3/2009
Moody's Baa3 Stable 11/2008
Standard & Poor's BBB Negative 10/2008
Moody's Baa3 Positive 7/2007
Standard & Poor's BBB Stable 4/2006
Standard & Poor's BBB Stable 11/2005
Fitch BBB- Stable 7/2005
Standard & Poor's BBB Stable 12/2004
Standard & Poor's BBB- Positive 6/2004
Moody's Baa3 Stable 11/2003
Fitch BBB- Positive 7/2003
Fitch BBB- Stable 6/2001
Standard & Poor's BBB- Stable 2/2001
Fitch BB+ Positive 9/2000
Standard & Poor's BBB- Negative 6/1999
Standard & Poor's BBB- Stable 6/1998
Standard & Poor's BBB- Stable 1/1997
Moody's Baa3 Stable 1/1997

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Definition: S&P includes long-term ratings from the highest AAA to the lowest D rating. Moody’s includes long-term ratings from the highest Aaa to the lowest C. Fitch includes long-term ratings from the highest AAA to the lowest D rating. Scope includes long-term foreign-currency ratings from the highest AAA to the lowest D rating.

For all four international credit rating agencies, ratings are divided into two main groups based on the level of credit risk: investment grade for lower levels of credit risk and speculative grade for higher levels of credit risk. For S&P, Fitch and Scope, investment grade issues/issuers are those rated from BBB- and above, while those from BB+ and below are categorized as speculative grade. Moody’s denotes as investment grade issues/issuers as those rated from Baa3 and above, while ratings from Ba1 and below fall into the category of speculative grade.

All four agencies include modifiers into their generic alphabet-based ratings for particular ranges. Ratings from S&P, Fitch and Scope are modified with “+” or “-” from the range AA to CCC. Moody’s appends numerical modifiers from 1 to 3 to the generic rating classifications from Aa to Caa. 1 indicates standing in the higher end of the generic category, while 3 indicates ranking in the lower end. All modifiers denote relative status within major ratings categories.

Rating Outlooks indicate the direction the rating is likely to move over a one- to two-year period. In determining an outlook, consideration is given to any changes in fundamental business conditions. Credit Watch focuses on identifiable events that cause ratings to be placed under special surveillance.

Rating Outlooks/Watches for the four agencies are the following:

- Positive means that a rating may be raised
- Negative means that a rating may be lowered
- Stable means a rating is not likely to change
- When the fundamental trend has strong, conflicting elements of both positive and negative, the Outlook/Watch can be denoted as Developing (for Scope, a Stable Outlook would be assigned in this case).

Credit Watches do not include a Stable Watch because they are only event driven and denote higher probability of change in the rating. Credit Outlooks and Watches are mutually exclusive.
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