credit standing: S&P returns Greece’s credit standing to funding grade

The scores company S&P has returned Greece‘s credit standing to funding grade for the primary time since 2010, citing the “important progress” it has made in tackling financial challenges.

S&P is upgrading the nation’s credit standing to BBB-/A-3 from BB+/B for long- and short-term native and overseas forex sovereign credit score scores, it introduced in an announcement Friday.

Its choice makes it the primary of the three main US scores companies to elevate Greece’s credit standing from speculative to funding grade.

“Greece’s public funds are enhancing because of the budgetary consolidation efforts,” it mentioned, explaining its choice.

“Because the debt disaster in 2009-2015, important progress has been made in addressing Greece’s financial and monetary imbalances,” it added.

S&P expects the federal government to realize a major surplus of “at the least” 1.2 % of GDP this yr, effectively above goal, rising to 2.3 % of GDP over the following three years.

The overall election earlier this yr that returned Kyriakos Mitsotakis to energy “permits the federal government to proceed to construct upon previous reform efforts” to make Greece internationally aggressive, S&P mentioned. “We count on extra structural financial and budgetary reforms, coupled with giant EU funds, will help strong financial progress in 2023-2026 and underpin continued discount in authorities debt,” it added.

Mitsotakis cheered the choice by S&P as “an necessary milestone.”

“Pleased with the popularity of what our nation has achieved. We’re decided to proceed our reform agenda, a path that’s attracting funding, creating jobs and attaining inclusive progress,” he mentioned in a submit on X, previously Twitter.

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