December 14, 2012 / 5:30 PM / 5 years ago

S&P cuts Croatia sovereign rating to BB-plus from BBB-minus

NEW YORK, Dec 14 (Reuters) - Rating agency Standard & Poor’s on Friday lowered Croatia into junk status to BB-plus from BBB-minus, as it said recent government reforms will not be enough to boost the economy.

“The downgrade reflects our view that structural and fiscal reforms implemented so far have been insufficient to foster economic growth and place public finances on a more sustainable path,” the agency said in a statement.

The outlook is stable.

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