The Republic of Croatia has engaged Bank of America Merrill Lynch, Deutsche Bank, Goldman Sachs, and JP Morgan for the arrangement of bonds it intends to issue in the international market, informed sources told Reuters.
The bonds are likely to be issued in March, the same sources told Reuters’ specialized financial service IFR. The banks did not wish to comment on this information.
Reuters reminds that Moody’s recently downgraded Croatia’s rating from ‘Baa3’ to ‘Ba1’ due to the lack of economic recovery and insufficient fiscal consolidation. This follows a similar move by Standard & Poor’s, which downgraded Croatia’s rating to ‘BB+’ from ‘BBB-‘ in December.
Fitch confirmed Croatia’s current rating of ‘BBB-‘ in November, Reuters notes.
