ECONOMY

Moody’s puts off rating update on Greece

moodys-puts-off-rating-update-on-greece

International ratings agency Moody’s on Friday postponed the scheduled publication of a report on Greece’s economy, effectively maintaining a wait-and-see stance, leaving the country’s “B1” rating and “stable” outlook unchanged from a report issued on April 17.

It had estimated at the time that Greece’s economy would shrink by 5 percent this year and rebound by 4 percent in 2021. It had also noted that although the Greek national debt remains very high, the country stands to benefit from its favorable maturity profile and the large cash buffer it has maintained.

The next update on the Greek economy by Moody’s is scheduled for November 6.

Moody’s decision not to update its rating means that despite the exceptional circumstances Greece has avoided a downgrade that could harm its status in global markets and can look forward to the upgrades that started in 2019 continuing once the pandemic has subsided.