The grade DB3d means that Croatia is a country with mild risks for investors.
"D&B expects the government to face difficult choices in 2007 between the contradictory demands of enacting sometimes controversial political and economic reforms to ensure progress in the country's EU accession negotiations and the short-term aim of securing another period in office in the parliamentary elections to be held in November," according to a statement issued by the D&B agency.
"While the authorities have been able to open five of the 35 chapters of the acquis communautaire (th EU's body of laws) and provisionally close two of them (culture and education), the European Commission (EC) has been criticak of the pace of reform so far," reads the statement, which the Zagreb-based BonLine carries on Monday.
On the other hand, the D&B assesses that "the government's macroeconomic policy mix has been broadly appropriate, helping to ensure strong, steady and sustainable real GDP growth".
The D&B estimates the real GDP growth averaged 4.5 percent year on year, with gross fixed investment becoming an increasingly important driver of the economy.
The general government deficit is projected to fall from 3.2 percent of GDP in 2006 to 2.9 percent of GDP by 2008, constraining government consumption growth.
Slovenia tops the ranking with DB2b grade, and is followed by Estonia (DB2d).
At the bottom of the rankings are Belarus, Turkmenistan and Uzbekistan (DB6d).