Fitch Ratings was the latest international agency to upgrade Greece’s long-term foreign-currency rating, in an announcement coming late on Friday, ‘BBB-‘ from ‘BB+’. Fitch said the outlook is stable.

According to the ratings agency, the upgrade reflects the following key rating drivers and their relative weights, namely, favorable debt dynamics and a commitment to fiscal consolidation.

According to Fitch, “Greece maintains a high commitment to fiscal consolidation, with the primary surplus set to increase to 1.1 percent of GDP in 2023 and average 2.2 percent in 2024-2025 according to our forecasts. At an average 1.1 percent of GDP in 2024-25, the headline deficit will be well below the ‘BBB’ median (2.8 percent). Fiscal prudence is anchored in conservative expenditure assumptions in recent budgets (and is also the case in the 2024 budget), with revenue over-performance providing fiscal space for temporary spending: in 2023 this included energy crisis and climate change-related measures.”

Source: to

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