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2019/10/04 / Erste Group Research

CEE Special | Rating agencies in action

Upgrade of Croatia likely in nearest future (October 18th), with more positive news coming in 2H20, as joining Eurozone is credit-positive event. Also potential for upgrade in Serbia and Slovenia. Due to shaky fiscal stance, Romania may see outlook changed and thus be the only CEE country with a negative rating outlook.

The rating upgrades have left their mark on the Croatian bond market. Although we have seen a downward trend on the long end of the curve across the whole region recently, LCY 10Y yields in Croatia are the second lowest in CEE, following Slovakia. The spread vs. Bunds has also narrowed and remains even below that of the Czech Republic. The visible determination to join the Eurozone seems to have been accepted as a credible story by the markets.

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General information

AuthorErste Group Research
Product nameCEE Economies Special Report
Topic in focusFX, Macro/ Fixed income
Economy in focusCEE, Croatia, Czech Republic, Serbia, Slovenia
Currency in focusCroatian Kuna, Czech Koruna, Euro, Serbian dinar
Sector in focus-


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