D&B analysts said in a report, which was carried by Zagreb firm BonLine on Friday, that they did not expect the delay to EU accession talks to be overly prolonged or particularly damaging economically.
D&B said that the political repercussions of the delay of membership talks would continue to weaken the Croatian Democratic Union (HDZ)-led government.
The credit rating firm believes that the next report by Chief Prosecutor Carla del Ponte on Croatia's cooperation with the Hague war crimes tribunal, due to be presented to the UN in mid-June, will be more favourable.
Among the 25 rated countries, Croatia ranks 11th, the only country with the DB4d rating. Ahead of Croatia are Bulgaria and Romania with the rating of DB4c.
Slovenia occupies the top spot with the rating of DB2c as a country of small risk for investment, while the bottom of the list is occupied by six countries of a very high investment risk with the rating of DB6d, namely Albania, Belarus, Bosnia-Herzegovina, Tajikistan, Turkmenistan and Uzbekistan.