Mitsotakis says achieving investment grade improves Greece’s borrowing costs
Achieving investment grade will improve Greece’s borrowing costs, Prime Minister Kyriakos Mitsotakis told Bloomberg TV on Friday, adding that the Greek economy has proved “particularly resilient.”
“The fact that we got to investment grade [by DBRS Morningstar] helps us with our borrowing cost, this is, of course, significant for public finances. But we’ve also been unapologetic about maintaining fiscal discipline,” he said.
“If you look at all the indicators, I think we will do significantly better than the eurozone average and I’m cautiously optimistic that we can maintain this growth trend for the long term.”
DBRS Morningstar upgraded Greece’s credit rating to investment level on September 8, ending the country’s bonds’ “junk status” after 13 years. The Canadian-based rating agency, one of the world’s four majors, became on Friday the first to bring Greece back to investment level since 2010.
On 16 September, Moody’s ratings agency upgraded the country’s credit rating by two notches but stopped just short of returning the formerly struggling country to formal financial respectability.
Mitsotakis is in New York for the 78th UN General Assembly meeting.
