Scope Ratings retains Greece unchanged
Scope Ratings said in its scheduled report late on Friday that it has affirmed Greece’s credit rating at BB+, thereby maintaining it one level below investment grade.
The outlook for the rating of Greek sovereign bonds is Positive, the firm said, meaning that investment grade is now within reach.
Its rating is based on the following factors: The strong support from European institutions, the enhanced fiscal momentum and the structural reforms, with banks continuing to reduce their nonperforming loans (NPL) ratio to 9.1% of all loans by end-September 2022.
The downside of the Greek assessment concerns the very high public debt, the weaknesses in the credit sector and a number of structural drawbacks in the economy.
Scope Ratings went on to predict economic growth of 1.3% for 2023 and 2% in 2024 in Greece, after an estimated rebound of 4.9% last year.
DBRS Morningstar will issue its Greece report this coming Friday.
