S&P shifts Greece’s economic outlook from ‘stable’ to ‘positive’

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Standard & Poor’s upgraded Greece’s economic outlook from ‘stable’ to ‘positive’ on Friday, and reaffirmed the country’s rating at ‘BB+’, which is one notch below investment grade.

The international rating agency had upgraded Greece from ‘BB’ to ‘BB+’ in April 2022.

The agency noted that Greece’s structural reforms and economic resilience as well as support from the EU have improved public finances and financial sector stability.

“Following the fastest fiscal adjustment in the EU in 2022, Greece’s primary balance has returned to surplus and we expect further fiscal improvements in coming years,” S&P added in a statement.

Investments went up to 21% of GDP at the end of 2022 – up 9 percentage points over the past three years, it was added, as “we expect this trend to continue, anchored in the 30.5 billion euros of Recovery & Resilience Fund resources available for Greece. Thus, we have revised the outlook for Greece to positive from stable, confirming the BB+/B rating.”

Greece’s economy “has turned a page,” said Greek Finance Minister Christos Staikouras, welcoming the upgrade of Greece’s economic outlook, and adding that S&P “becomes the second international rating agency in 2023 to place the country half a notch before the investment grade.”

Credit ratings agency Fitch raised Greece’s rating from ‘BB’ to ‘BB+’ in January.

Source: ANA-MPA