The main reason for raising the ceiling rating of 40 countries, including Croatia, is the revision of methods ensuring greater transparency in determining a country's credit rating.
The upward revision of the ceilings since they were first assigned more than two years ago reflects greater liberalisation of capital and exchange controls in many 'emerging market' economies, such as Russia and Brazil, the strengthening of monetary and exchange rate regimes and the deepening integration of emerging markets in the global economy, the agency said in a statement.
Apart from Croatia, the agency also raised the credit rating of Bulgaria, Romania, Turkey, Macedonia, Hungary, the Czech Republic, Slovakia, Poland and Russia.