Croatia could face a huge financial gap this year that it will not be able to bridge either domestically or internationally. As a result, it could fall out of the group of countries with moderate to mild risk and find itself among those that investors are avoiding at all costs.
Written by: Gordana Gelenčer
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Illustration: Jeffrey Krvopić
The credit rating cuts have begun! Spain and Greece are the first European victims of the global crisis to have their credit ratings downgraded by one of the most respected global rating agencies, Standard & Poor’s. When the big fall, the small have no chance. As early as February, Croatia’s credit rating could also be downgraded! However, such announcements are (so far) coming only from one rating agency, Dun & Bradstreet. Nevertheless, most analysts agree that the risk of a downgrade is increasing for even the most developed countries, especially for those in development. Sanja Begović, the director of Bonline, Dun & Bradstreet’s partner company, says that D&B does not rule out a downgrade of Croatia’s rating in the coming months.
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