Scope Ratings Upgrades Greek Economy to BBB

In its latest evaluation, the international agency, Scope Ratings has upgraded Greece’s credit rating to BBB, the second rung of the investment grade ladder. This upgrade marks the conclusion of the cycle of assessments for the Greek economy for 2024.

The ratings agency had initially upgraded Greece’s outlook to positive, on July 12 while maintaining its credit rating at BBB- (investment grade). Scope Ratings had kept Greece’s credit rating unchanged at BBB-, in its assessment of January 26 while on August 4, 2023, the country was granted investment-grade status.

The upgrade is primarily driven by the reduction in public debt, improved resilience of the banking system, and a stronger growth trajectory on the country’s economy. However, the still elevated public debt levels and structural economic weaknesses remain credit constraints.

As stated in the relevant announcement, Scope Ratings upgrades Greece’s credit rating to BBB from BBB-, with a stable outlook.

The Greek Minister of National Economy and Finance, Kostis Hatzidakis, expressed his satisfaction with Scope’s upgrade of the Greek economy.

He specifically noted that this upgrade is particularly significant as it marks the first upgrade of Greece within the investment grade category since the financial crisis. The minister stressed that Scope Ratings’ upgrade is an indication that Greece’s economy is climbing higher and moving closer to advanced economies.

Additionally, he emphasized that this upgrade comes during a period of international turmoil, at a time when strong countries face downgrades in their credit ratings. The minister highlighted that this confirms the soundness of the government’s fiscal and overall economic policy, just days prior to the discussion of the 2025 budget.

Source: tovima.com