Friday May 29, 2015 Search
Weather | Athens
14o C
09o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
S&P affirms Greece ratings at 'B-/B', sees economy rebalancing

Standard & Poor's affirmed Greece's sovereign credit rating on Friday and gave it a stable outlook, saying it believed the country's economy was gradually rebalancing.

The positive comments are the latest boost for Greece's government, which hopes to return to the bond markets earlier than planned this year after striking a deal with foreign lenders for the latest tranche of loans under its bailout.

"Although we consider Greece's domestic political environment to be fluid, our forecasts assume that, regardless of composition, the Greek government will adhere broadly to the current policy framework," S&P said.

"We consider that the economy has started to rebalance," it said in a statement affirming its 'B-/B' rating.

Fitch assigns Greece a B- credit rating while Moody's rates it Caa3. All three credit ratings are still deep in junk territory, reflecting a high debt level of about 175 percent of the country's gross domestic product.

S&P said the stable outlook balances its view of the government's commitment to fiscal and structural adjustments against the economic and political challenges of doing so.

"The government has made significant reforms to the labour market and fiscal revenue collection and plans further reforms in commerce," it said.

After six months of wrangling with the EU and IMF in the longest review of its bailout so far, Athens won praise from its lenders this week to unlock the next tranche of loans.

Athens says last year's surplus came in at 2.7 billion euros (£2.25 billion), compared with a bailout target for a balanced budget. That has boosted its hopes of returning to the bond market in the first half of the year after a four-year absence with a 2 billion euro five-year bond.

S&P, which has maintained its rating since upgrading Greece from "selective default" in December 2012, said it could raise its long-term rating on Greece if GDP growth were to pick up "substantially".

Moody's is due to publish its review on April 4.

Athens and its lenders expect the economy to pull out of recession this year and grow marginally by 0.6 percent.

[Reuters]

ekathimerini.com , Friday March 21, 2014 (10:25)  
Greek credit contraction amounted to 2.4 pct in April
Export-oriented firms benefit from euro rate
VAT hike would put several Athens hotels at risk
ATHEX: May ends with a rise of 0.3 pct
Greece, creditors seek breakthrough as clock runs down
Greece and its lenders enter a decisive weekend of negotiations in a bid to agree on a package of cuts and reforms that would unlock another 7.2 billion euros and allow Athens to keep meetin...
Coast Guard officials linked to migrant traffickers
An investigation by the internal affairs department of the Greek Police (ELAS) has linked the leadership of the country’s Coast Guard as well as officers of the police and of the National In...
Inside News
SOCCER
Wemmer pens three-year deal with Panathinaikos
German defender Jens Wemmer has signed a three-year contract for an undisclosed sum with Panathinaikos, the Greek Super League club announced on Friday. Right-back Wemmer, 29, has been playi...
SOCCER
Panathinaikos conquers PAOK through Tavlaridis goal
A Stathis Tavlaridis goal has brought Panathinaikos to practically within one point from clinching a spot in next season’s Champions League qualifiers, as the Greens made it three out of thr...
Inside Sports
COMMENTARY
Zenobia, Barbara, Christine and the general’s daughter
ATHENS – Lovely Palmyra has fallen to the zombie horde and its people are being slaughtered as the ancient city awaits its fate. It is Friday, May 22, 2015, and from my window I see the end-...
INTERVIEW
The eurozone’s ‘ambiguous’ architecture
“That’s not something you’re supposed to say in public, right?” In his humble way, Thomas Sargent, Nobel Prize winner in Economics, tries to avoid the question posed to him by Kathimerini re...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Wemmer pens three-year deal with Panathinaikos
2. Greek credit contraction amounted to 2.4 pct in April
3. Export-oriented firms benefit from euro rate
4. VAT hike would put several Athens hotels at risk
5. ATHEX: May ends with a rise of 0.3 pct
6. Greece, creditors seek breakthrough as clock runs down
more news
Today
This Week
1. Greece creditors say no deal near as G-7 frustration vented
2. Only Greece can end its miserable 'Groundhog Day'
3. Next Greek aid program isn’t on table yet, says Moscovici
4. 12 Russians injured in lightning strike at ruins on Crete
5. Some blame EU Commission for Greek obstinacy in debt talks
6. The eurozone’s ‘ambiguous’ architecture
Today
This Week
1. Hotel contracts with a ‘Greek default clause’
2. Some 300 mln left banks on Tuesday
3. Neither Grexit nor a dual currency will solve Greece’s problems
4. No more 'quick and dirty' fixes for Greece
5. Romantic notions meet reality
6. Tsipras faces down radicals within SYRIZA over terms of deal
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.