![Scope Affirms Greece’s BBB- Ratings; Revises Outlook to Positive](https://www.ot.gr/wp-content/uploads/2024/06/euros-2048x1365-1.jpg)
Scope maintained Greece’s credit-worthiness at ΒΒΒ- (the lowest tier investment grade) on Friday in its latest report, but revised its outlook upwards, to positive. The international credit rating maintained the BBB- grade during its last report on Greece last January. It raised Greece to investment grade in August 2023.
Scope cited declining public debt, improved banking-system resilience and favorable structural-reform momentum drive Outlook revision. Very elevated government debt and sustained structural economic weaknesses remain credit constraints.
Rating action
According to a press release, “Scope Ratings GmbH (Scope) has today affirmed the Hellenic Republic (Greece)’s long-term issuer and senior unsecured debt-category ratings at BBB-, in both local- and in foreign-currency, and revised the Outlooks to Positive, from Stable. The short-term issuer ratings are affirmed at S-2 in local and in foreign currency, with Outlook Stable.
The revision of the Outlooks to Positive for Greece’s long-term credit ratings reflects Scope’s expectation of a continued reduction in Greece’s general government debt ratio over the coming years. Greece’s anticipated public-debt decline, which was one of the drivers of Scope’s announcement of the upgrade of Greece to investment grade last August, is driven by favourable debt dynamics and a further decline of the headline budget deficit, including stronger primary surpluses than previously foreseen. In addition, the clean-up of the banking system, the reduction of non-performing loans (NPLs), alongside privatisations of systemic banks, support financial-system resilience. Finally, the adoption of structural reform and investments, facilitated by European recovery and multi-annual funding programmes, bolster the economy’s resilience and growth potential.”
Source: tovima.com
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