Chinese credit rating firms upgrade Greece to investment status

Greek economy Greece growth rating

Two of China's largest credit rating agencies, Lianhe Credit and China Chengxin Credit Rating Group, upgraded Greece's credit rating to the investment grade in the last two day.

The first agency raised Greece's long-term credit rating to BBB from BBB- with stable outlook, while the second agency raised the country's credit rating to B- from BB+ with stable outlook.

The two Chinese rating agencies decided to upgrade Greece's rating citing a strong economic growth in the country, which is expected to continue in 2023, the government's determination to promote reforms, improving quality of banks' assets and the fact that non-performing loans index is at a 12-year low.

Unemployment is also falling and the per capita GDP exceeds 20,000 US dollars. Political stability is another positive factor.

The two credit rating agencies said their decisions reflected confidence by the Chinese side on Greece's improved economic condition, lower banking risk, the outlook of macroeconomic development and reform process.

READ MORE: Greece recorded the largest debt reduction in the Eurozone since 2019.

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