MARKETS

S&P brings Greece one notch from investment grade

S&P brings Greece one notch from investment grade

Standard & Poor’s upgraded Greece’s credit rating one notch on Friday, taking it one step away from investment grade after more than a decade, with Prime Minister Kyriakos Mitsotakis saying it confirms market confidence in the economy.

US agency raised the Greek rating from ‘BB’ to ‘BB+’, with a Positive outlook, it announced, noting that the rating decision “reflects our expectation of a continuous improvement in Greece’s policy effectiveness, while the fallout from the war in Ukraine appears manageable in light of considerable buffers in both the private and public sectors.”

“Our expectation that Greece’s fiscal buffers and proven policy effectiveness will allow the country to absorb the indirect impact of the war in Ukraine on its economy and public finances,” added the agency.

“The S&P upgrade, following two years of pandemic and amid a war, confirms market confidence in the Greek economy,” Mitsotakis tweeted.

“We are but one breath away from the coveted investment grade, a seal of credibility that will upgrade the investment and growth prospects of our country. We continue steadily with the same responsibility, focus and hard work for the final stretch,” he added.