Fitch Ratings has upgraded Greece to an investment grade of BBB- with stable outlook from the level of BB+ with a stable outlook. This concludes the year for the Greek economy, paving the way for Greek bonds to be included in leading global indices starting from January 2024.
In October, international agency S&P also assigned an investment grade to Greece, upgrading it from BB+ with a positive outlook to BBB- with a stable outlook. Prior to this, Moody’s upgraded Greece’s credit rating to Ba1 with stable outlook from Ba3, and Scope Ratings also upgraded Greece to an investment grade on August 4th.
It is reminded that in September the rating agency Fitch upgraded the credit of the four systemic Greek banks, citing reasons such as improved capital position, profitability, and reduced non-performing loans.
This development fulfills a promise made by Kyriakos Mitsotakis, committing to achieving this before 2023.
The investment grade opens up significant prospects for the economy and will bring multiple benefits for households and small and medium-sized enterprises, including reduced borrowing costs, capital inflows, and improved liquidity.