Greece’s Rating Upgraded by Fitch

Fitch Upgrades Greece’s Credit Rating for the Second Time This Year

Credit rating agency Fitch has decided to raise Greece’s credit rating for the second time this year. This news comes as a positive development for the country, which has been through difficult economic times in recent years.

Fitch announced that the long-term foreign and local currency credit ratings for Greece have been increased from BB+ to BBB-. This marks the second upgrade in 2023, with Fitch having raised Greece’s credit rating by one step in January as well.

The decision to upgrade Greece’s credit rating is based on Fitch’s expectation that the general government debt to GDP ratio will continue to show a sharp downward trend. This is attributed to the correct implementation of the budget and an appropriate debt payment structure. Fitch also assessed policy risks as relatively low, with a stable political backdrop and well-anchored fiscal prudence. As a result, Fitch forecasts the Greek economy to grow by 2.4 percent in 2023.

The outlook for Greece’s credit rating will continue to be “stable,” according to Fitch.

This latest upgrade in Greece’s credit rating reflects a positive outlook for the country’s economy and its ability to manage its debt. It also signifies a renewed confidence in Greece’s economic future.

 

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