Fitch Ratings on Friday announced an upgrade of Greece’s long-term foreign-currency issuer default rating (IDR) to BB+, up from BB. The ratings firm also listed the outlook as “stable”.
According to Fitch’s assessment, it forecasts “…better deficit and debt outturns and projections in 2022-2024, thanks to stronger nominal growth, budget over-execution and a favourable debt-servicing structure. We forecast a further narrowing of the general government deficit to 1.8% of GDP in 2024 from an estimated 3.8% in 2022.”

Fitch also cited reduced banking sector risks, structural strengths, an improved macro-outlook, and reform momentum.

Conversely, the ratings firm forecast that inflation in the east Mediterranean country will ease, although the risk will persist.

The entire rating action report is here: Fitch Upgrades Greece to ‘BB+’; Outlook Stable (
In a late-night statement after Fitch announcement, Greek Finance Minister Christos Staikouras welcomed the fact that a fifth international credit rating agency – and third among those recognized by the ECB – places Greece one step away from investment grade.

Staikouras pointed to the 12th upgrade of the country’s economy and creditworthiness over the past three and a half years, despite consecutive external crisis, a reference to the global pandemic and the Russian invasion of Ukraine.

“This positive development is yet another byproduct, and at the same time validation, of the responsible, financially effective and socially just economic policy followed by the government, along with its far-sighted bond issuing strategy, maintenance of cash reserves at a safe level, and implementation of structural reforms, an improvement in GDP composition through a significant rise in investments and exports, along with a drastic reduction in ‘bad’ loans on banks’ portfolios,” the minister’s statement read.

He also underlined that the “national goal” of achieving an investment grade rating for Greece this year stands.

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