Greek economy’s credit rating upgrade by Fitch is an important national success

Fitch Ratings

The Greek economy’s credit rating upgrade by Fitch Ratings, marking its ascent to investment grade, is an important national success, National Economy and Finance Minister Kostis Hatzidakis mentioned on social messaging platform X.

"Fitch is the third out of the four ECB-approved ratings agencies to grant our country the investment grade status in the last months. It is a move that confirms the progress the Greek economy has made and the even brighter prospects ahead, resulting from the implementation of our policies.

"The upgrade sets the stage for stronger investment inflows, improved financing conditions for the economy, growth and increased employment. I underline what Fitch highlights - the record drop of public debt by 65 percentage points of GDP, from 205% during the pandemic to 160.8% this year and to 141.2% by 2027. It also highlights the responsible fiscal policy we have followed, which ensures there will be funding for permanent and one-off social policy measures. It projects strong economic growth and political stability in the coming years along with progress in the banking sector.

"Today’s upgrade is an important step leading our country higher as we continue to couple fiscal prudence with social sensitivity," said Mr. Hatzidakis.

Fitch Ratings was added on Friday night to the rating agencies that have reverted Greece to investment grade, as it raised Greece’s sovereign credit rating to BBB- from BB+.

What is more, Fitch said the Greek rating also has a positive outlook, that may well mean a further upgrade is on its way for Greece.

This signifies that the majority of the major rating agencies have now reinstated Greece’s investment grade after 13 years in “junk status,” given that in October Standard & Poor’s also upgraded Greece to investment level.

That has followed simiral rating decisions by DBRS Morningstar, as well as Scope Ratings and R&I.

Friday’s development has left Moody’s as the only major rating agency that has not yet upgraded Greece back to investment grade, as it needs to take Greece up one more notch for that.

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