Finance Minister Zdravko Marić said on Thursday the Fitch agency's early upgrade of Croatia's credit rating was the highest to date.

Fitch yesterday upgraded Croatia’s rating by one notch to BBB+, with a stable outlook.

“This is phenomenal news, these are the first tangible benefits of entering the euro area. This is the third step of the investment zone and the highest ever for Croatia as far as Fitch is concerned,” Marić told the press.

The next scheduled review date for Fitch’s sovereign rating on Croatia will be 28 October, but the agency said this week’s confirmation of Croatia’s euro area accession was “a material change in the creditworthiness of the issuer that we believe makes it inappropriate for us to wait until the next scheduled review date.”

Marić explained that Croatia has surpassed Italy, Portugal, Greece, Cyprus, Hungary, Bulgaria and Romania on Fitch’s credit rating standing

Marić said he talked with credit rating agencies’ analysts in recent weeks and that they all agreed Croatia had made great progress in recent years.

“The results have been recognized, both financial and macrofiscal as well as in general. Their message is clear: Don’t stop,” he said.

Marić resigned as finance minister last week and is expected to be replaced by Marko Primorac tomorrow. He said Primorac was an adequate successor given his work so far. “We worked together on some projects. He is a calm and stable man who has the knowledge.”