Fitch Affirms Greece’s Credit Rating at BBB, Maintains Stable Outlook

Fitch Ratings has affirmed Greece’s long-term foreign-currency issuer default rating at BBB, maintaining a stable outlook, in its latest assessment published Friday.
The decision leaves Greece’s credit rating unchanged, despite improvements in public finances, continued economic growth and a faster-than-expected reduction in government debt.

In its assessment, Fitch said Greece’s creditworthiness was supported by income per capita and governance indicators above the BBB-rated country median, as well as a credible policy framework anchored in its membership of the European Union and the eurozone.

The agency forecast that general government debt would decline from 146.1% of gross domestic product in 2025 to 124.6% in 2028, supported by primary budget surpluses, economic growth and active debt management, including early repayments of outstanding loans. Greece is also expected to record a general government surplus of 0.6% of GDP in 2026, compared with a projected median deficit of 3.1% among countries rated BBB.

Fitch expects the Greek economy to expand by an average of 2% annually over 2026-2028, outperforming the eurozone average, with investment and private consumption providing the main impetus.

However, the agency identified persistently high public debt, structural constraints on growth and external imbalances as continuing vulnerabilities. It forecast a current account deficit equivalent to 6.5% of GDP in 2026, reflecting low domestic savings and investment-related import demand.

The latest assessment follows Fitch’s May 8 review, when it also affirmed Greece at BBB with a stable outlook. At that time, the agency highlighted budget surpluses, improving debt dynamics, favorable financing conditions and a stronger banking sector.