The increase by the German rating agency Scope of Greece’s credit rating to investment grade and BBB credit rating is stated in an article published in the Frankfurter Allgemeine Zeitung newspaper.
As noted, this is the second agency after the Japanese Rating and Investment Information, which increased the rating of Greece. This week also raised the possibility that “the three major US rating agencies Moody’s, S&P and Fitch may follow suit. DBRS Morningstar is also planning a rating review in early September.”
Bloomberg on Scope Ratings. FAZ recalls that the rating of the Greek economy “was downgraded in 2010 due to the debt crisis. The eurozone countries and the IMF lent Greece a total of more than 260 billion euros. In return, Greece, as the most indebted country in the eurozone, has pledged to implement reforms and hard cuts (…). Government debt and banking sector reforms have been favorable, Scope’s rationale for the upgrade says, but challenges remain, such as structural weaknesses in the economy, including high unemployment“.
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