August 8, 2014 / 8:57 PM / 3 years ago

Fitch cuts Croatia's issuer default rating

Aug 8 (Reuters) - Fitch Ratings cut Croatia’s long-term foreign currency issuer default rating (IDR) to ‘BB’ from ‘BB Plus’, citing increasing risks regarding the country’s ability to stabilise its high public debt/GDP ratio over the medium term.

"Substantive revisions to the 2014 budget in April appeared to set Croatia on a deficit reduction path sufficient to cut the general government deficit (GGD) from 4.9 percent of GDP in 2013 to 3.8 percent in 2014," the ratings agency said. (bit.ly/1r7BHfl)

Fitch also cut its ratings on local currency IDR to ‘BB Plus’ from ‘BBB Minus’.

The agency said the outlook on the long-term foreign currency IDR and local currency IDR is stable. (Reporting By Tanvi Mehta in Bangalore)

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