Greece stands on the brink of reclaiming its investment-grade rating, a milestone deemed “achievable” within 2023. The country had relinquished its investment-grade credit rating in early 2011.
After a span of 12 years, Greece has once again attained investment-grade status with a prominent western credit rating agency, marking the pinnacle of a swift economic resurgence. On August 4th, Scope elevated Greece to triple B- with a stable outlook. This elevation was attributed to a favourable trajectory in government debt, reforms within the banking sector, and heightened European institutional support as the primary drivers for this upgrade.
It is anticipated that the remaining rating agencies will trail Scope’s assessment. S&P and Fitch both assess Greece at a single notch below investment grade, specifically at double B+, whereas Moody’s designates Greece with a rating of Ba3. Meanwhile, DBRS Morningstar recently affirmed that Greece is “on the cusp of achieving an investment-grade rating.”