The international rating agency Standard&Poor’s Global Ratings (S&P) on Friday October 20 raised the economic status of Greece up to investment level.
S&P raised the country’s long-term issuer ratings in national and foreign currencies to BBB- from BB+ with a stable outlook. This move was preceded on September 8 by the Canadian DBRS and German Scope, who gave Greece a level BBB. A day later the American Moody’s raised it by two steps – from Ba3 to Ba1.
In its report, S&P said Greece’s public finances were improving thanks to fiscal adjustment efforts, while noting significant progress made in addressing Greece’s economic and fiscal imbalances following the 2009-2015 debt crisis.
An important milestone today, as S&P Global Ratings upgrades Greece to investment grade. Proud of the recognition of what our country has achieved. We are determined to continue our reform agenda, a path that is attracting investment, creating jobs and achieving inclusive growth.
— Prime Minister GR (@PrimeministerGR) October 20, 2023
“Today, S&P Global Ratings has upgraded Greece to investment grade. We are proud to recognize what our country has achieved. We are committed to continuing our reform agenda that attracts investment, creates jobs and delivers inclusive growth,” – Greek Prime Minister Kyriakos Mitsotakis wrote on the X website, welcoming the rating increase. Now the next “signature” date for the Greek economy may be December 1, when the third rating from Fitch is expected.
A high investment level, despite its politicization, allows the country to receive more investments and take external borrowings at a lower interest rate.
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