| Rating Agency | Long Term (LT) Rating | |||
| Foreign Currency | Domestic Currency | |||
| LT Rating | Outlook | LT Rating | Outlook | |
| Fitch Ratings | A- | Stable | A- | Stable |
| Moody's | A3 | Stable | A3 | Stable |
| Standard & Poor's | A- | Positive | A- | Positive |
| Scope Ratings | A- | Stable | A- | Stable |
| DBRS Morningstar | A- | Stable | A | Stable |
| EU Member States and Candidate Countries | ||||
Core functions
- Monetary policy
- Financial assets management
- Financial stability
- Supervision
- Resolution
- Payment system
- International relations
Credit rating of the Republic of Croatia
Credit rating
Credit ratings are independent assessments of a country’s or company’s ability and willingness to fulfil its financial obligations fully and on time. They are assigned by specialised institutions, known as External Credit Assessment Institutions (ECAIs). Ratings provide investors, markets, and policymakers with a benchmark of creditworthiness, expressed on a scale ranging from the highest quality, such as AAA, to lower levels approaching default.
Central banks use these ratings in their regular activities. Within the Eurosystem Credit Assessment Framework (ECAF), ratings play an important role in helping central banks evaluate the credit quality of assets used as collateral in monetary policy operations. The Eurosystem currently recognises five agencies for credit quality assessments: DBRS Morningstar, Fitch Ratings, Moody’s Investors Service, S&P Global Ratings, and Scope Ratings.
When assigning government credit ratings, rating agencies consider a broad set of factors, including the following:
- composition of economy and revenues,
- expected economic growth,
- monetary and fiscal flexibility,
- foreign-currency liquidity,
- political risk,
- public and private sector debt position,
- debt position of state-owned corporations.
Long-term credit ratings are generally classified into two main categories: investment grade and speculative grade. Each non-default rating is accompanied by an outlook, which can be positive, stable or negative. The outlook indicates the prospects for changes in a country's credit rating.
Sovereign Long-Term Ratings
| Fitch | Moody's | S&P | DBRS | Scope | Description |
| Investment grade ratings | |||||
| AAA | Aaa | AAA | AAA | AAA | Highest credit quality |
| AA+ | Aa1 | AA+ | AA (high) | AA+ | Very high credit quality |
| AA | Aa2 | AA | AA | AA | |
| AA– | Aa3 | AA– | AA (low) | AA– | |
| A+ | A1 | A+ | A (high) | A+ | High credit quality |
| A | A2 | A | A | A | |
| A– | A3 | A– | A (low) | A– | |
| BBB+ | Baa1 | BBB+ | BBB (high) | BBB+ | Adequate credit quality |
| BBB | Baa2 | BBB | BBB | BBB | |
| BBB– | Baa3 | BBB– | BBB (low) | BBB– | |
| Speculative grade ratings | |||||
| BB+ | Ba1 | BB+ | BB (high) | BB+ | Fulfilment of obligations uncertain |
| BB | Ba2 | BB | BB | BB | |
| BB– | Ba3 | BB– | BB (low) | BB– | |
| B+ | B1 | B+ | B (high) | B+ | Currently able to fulfill obligations, risk of future default |
| B | B2 | B | B | B | |
| B– | B3 | B– | B (low) | B– | |
| CCC+ | Caa1 | CCC+ | – | CCC+ | Likelihood of default very high |
| CCC | Caa2 | CCC | CCC | CCC | |
| CCC– | Caa3 | CCC– | – | CCC– | |
| CC | Ca | CC | CC | CC | |
| C | C | C | |||
| RD/D | C | SD/D | D | SD/D | In default |