Moody’s Elevates Croatia’s Credit Rating to A3

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The news in Croatian

1. unaprijediti
   napraviti nešto boljim ili višim po rangu ili kvaliteti ↩︎
2. kreditni
   što se odnosi na kredit ili financijsku sposobnost ↩︎
3. rejting (m.)
   ocjena ili rangiranje, obično u kontekstu financija ↩︎
4. značajan
   na način koji ima veliku važnost ili utjecaj ↩︎
5. uvjet (m.)
   okolnosti ili stanje koje nešto omogućuju ili ograničavaju ↩︎
6. ulaganje (n.)
   korištenje novca za kupovinu ili razvoj nečega, obično radi ostvarivanja dobiti ↩︎

Translation

Text Comprehension

Question: How many levels has Croatia advanced in its credit rating in the last two and a half years?

Question: What benefit does Croatia have due to its improved credit rating?

Vocabulary

Croatian	English
unaprijediti	improve
kreditni	credit
rejting (m.)	rating
značajan	significantly
uvjet (m.)	conditions
ulaganje (n.)	investments

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Prime Minister Andrej Plenković highlighted the remarkable achievement, expressing it as a “historic leap” for the nation. He emphasized that Croatia now joins a select group of around 40 countries worldwide categorized as A-rated by all three prominent credit rating agencies. This enhanced standing not only bolsters Croatia’s position on the global investment map but is also pivotal for the betterment of the citizens’ quality of life and the business operations environment. Plenković assured that this rating reflects the resilience and robustness of Croatia’s economy.

The government’s statement pointed to the importance of strong institutions and effective management, as emphasized by Moody’s. The agency acknowledged the successful implementation of reforms and strategic investments launched under the National Recovery and Resilience Plan (NPOO). Expectations are that Croatia’s fiscal strength will remain robust in the short to medium term, further aiding economic growth.

Finance Minister Marko Primorac expressed pride in the rating upgrade, noting it as recognition of responsible fiscal policies and the government’s determination to sustain economic growth and uplift citizens’ living standards. He affirmed the commitment to continuing policies aimed at enhancing the economy.

Governor of the Croatian National Bank, Boris Vujčić, also commented on the upgrade, indicating that it allows Croatia access to more favourable financial terms. Vujčić noted that Moody’s decision was based on a rapid fiscal consolidation process, which significantly lowered the public debt burden.

The upgraded rating places Croatia on equal footing with EU countries such as Slovenia and Portugal, tying with them at the A3 level, while surpassing several others like Bulgaria and Spain. This status is an indicator of Croatia’s growing economic strength and stability.

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