Moody’s, the last of the major international credit rating firms not to have upgraded the Greek economy to “investment grade”, on Friday “stuck to its guns” and maintained its long-term rating of Ba1. The latter is one notch below the coveted investment grade.
The consolation came in an upgrade of the outlook for the country from stable to positive.
According to a Moody’s statement – which was seen in Greece just before midnight – a change in the outlook to positive reflects an increased likelihood of a sustained reinforcement of the banking sector’s health, which reduces the risks of potential liabilities for the government.
Moreover, with the prospect of continued economic growth and fiscal performance, which Moody’s said exceeded expectations, Greece’s fiscal strength could improve faster than forecast.
The announcement adds that the affirmation of Greece’s Ba1 rating reflects significant improvements in recent years in terms of implemented structural reforms and fiscal consolidation in the face of continued challenges, namely, on issues such as improving judicial efficiency, reducing macroeconomic imbalances and the very high public debt burden.
Achieving an “investment grade” rating from Moody’s, judged as the strictest of the international ratings agencies, has been a goal of the Mitsotakis government over the past year or so, with the development portrayed as part of Greece’s “total recall” from the bailout era.
Source: tovima.com
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