Fitch Ratings Upgrades Greece to Investment Grade, Majority of Rating Agencies Follow Suit

On Friday night, Fitch Ratings joined the list of rating agencies that have raised Greece’s sovereign credit rating to investment grade.

Fitch upgraded Greece’s rating from BB+ to BBB-, indicating a positive outlook and possibly paving the way for further upgrades in the future. This move by Fitch means that the majority of major rating agencies have now reinstated Greece’s investment grade status after 13 years in “junk status.” Standard & Poor’s had already upgraded Greece in October, and similar rating decisions have been made by DBRS Morningstar, Scope Ratings, and R&I. Moody’s remains the only major rating agency yet to upgrade Greece’s status, as it requires one more notch up for investment grade.