ECONOMY

S&P keeps Greece’s rating at BB-, revises outlook downwards

s-amp-038-p-keeps-greece-amp-8217-s-rating-at-bb-revises-outlook-downwards

Ratings agency Standard and Poor's (S&P) has kept Greece's credit rating stable at BB-, three rankings below investment grade, but has revised its outlook to stable from positive given the adverse effects the coronavirus pandemic will have on the economy.

S&P said Friday it expects Greece’s economy to contract by about 9% in 2020, before rebounding in 2021.

The agency further said that the stable outlook reflects view that Greece's fiscal policy buffers offset risks to creditworthiness emanating from the pandemic's implications.

[Reuters]