Fitch upgrades Croatia to 'BBB+', outlook stable


Fitch Ratings said it has upgraded Croatia to 'BBB+' with stable outlook reflecting the forthcoming euro adoption by the country in January 2023, according to a report by Seenews.

"Fitch believes that euro adoption is positive for the rating, as it would provide the sovereign with reserve-currency status, reduce transaction costs and limit exchange-rate risk to corporate and household balance sheets," the global ratings agency said last week.

Last Tuesday, the European Council's Economic and Financial Affairs Council (Ecofin) approved Croatia´s application to join the eurozone as of January 1, 2023. This is the final step of the eurozone accession process and follows approval by the European Parliament for euro adoption in early July and an endorsement in late June by the European Council of the European Commission's positive convergence assessment from early June.

Croatia joined the Exchange Rate Mechanism (ERMII) in July 2020 and has fulfilled all convergence and reform criteria within the shortest possible timeframe. The currency conversion rate has been set at HRK 7.5345 per euro. 


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