International ratings agency Moody’s raised Greece’s sovereign credit rating to B1’ from ‘B3 and assigned a stable outlook, on Friday, 1 March 2019.
Specifically, Moody’s Investors Service, cited three key drivers behind the upgrade:
- the maturing reform programme
- a now firmly established track record of strong fiscal performance,
- public debt sustainability over the medium term enhanced by last June’s debt relief package.
Commenting this development, Greek Finance Minister Euclid Tsakalotos posted on his twitter account “Only a few hours after Mr. Staikouras’ (Christos, main opposition New Democracy’s shadow finance minister) remark that all the international reports confirm New Democracy’s criticism, Moody’s upgrades the Greek economy by two notches. Maybe the timing is neither ND’s nor Staikouras’ strongest card.”