Standard & Poor's on Tuesday upheld the credit rating of Croatia's HEP power company, 'BB+', with a stable outlook, and upgraded the stand-alone credit profile from 'bb' to 'bb+', HEP said in a press release.

The ‘BB+’ rating reflects Standard & Poor’s evaluation that HEP is less vulnerable in the short term perspective but remains sensitive to a significant extent to possible unfavourable business, financial and economic circumstances.

The stand-alone credit profile was upgraded thanks to improved management in very unstable hydrological conditions and fluctuating prices of raw materials, the agency said in a report.