March 21 Moody's Investors Service cut its
outlook on Croatia's "Ba1" government bond rating to "negative"
from "stable," citing weak recovery from recession due to the
country's flawed economic outlook.
The outlook revision is driven by "Croatia's impaired
medium-term economic outlook, owing to competitiveness
challenges, continued deleveraging and the growth-dampening
effect of fiscal consolidation efforts," Moody's said. (r.reuters.com/wez77v)
The ratings agency affirmed Croatia's "Ba1" rating, citing
the country's entry into the European Union's Excessive Deficit
Procedure in 2014, which mandates policy action by the country
to lower fiscal deficits and debt ratios.
(Reporting by Kanika Sikka in Bangalore; Editing by Kirti