ZAGREB, March 14 (Xinhua) -- Croatian Prime Minister Andrej Plenkovic welcomed S&P Global Ratings' decision on Friday to raise the country's investment credit rating from "A-" to "A," citing it as a confirmation of Croatia's "exceptional progress" and economic stability.
The upgrade, achieved despite ongoing global crises, serves as a "clear signal" to international investors that Croatia is a financially stable and reliable destination, a post on Plenkovic's X account read on Friday. He noted that under the current government's mandate, Croatia's credit rating has improved by a total of six levels.
According to the prime minister, the upgrade was supported by the implementation of structural reforms and strategic investments as well as political stability.
This upgrade came as Croatia continues to experience some of the strongest economic growth in the European Union. However, the nation also faces persistent inflationary pressures: in February, the annual inflation rose to 3.8 percent, driven largely by soaring service prices and increased energy costs, remaining among the highest in the eurozone.
Recently, Fitch Ratings also reaffirmed Croatia's A- credit rating with a stable outlook.
"A high investment-grade credit rating is a strong incentive to continue policies that will raise the living standards of Croatian citizens," Plenkovic said. ■