Athens finances given all clear

One of the world’s leading credit rating agencies yesterday awarded the City of Athens a classification that indicates the municipality’s finances are in better condition than a number of Greece’s biggest corporate enterprises, data released yesterday showed. Credit rating firm Moody’s assigned an A2/Stable long-term rating on the City of Athens while telecom giant OTE has been given a A3/Stable rating, the municipality said. Mayor Dora Bakoyannis says this paves the way for the municipality to refinance its current debt of 178 million euros at cheaper interest rates. «The rating offers an objective view of the City of Athens’s finances,» she said. Credit ratings of other European capital cities were not available. Moody’s assigns ratings on governments and companies to help investors determine risk and how well borrowers can meet future obligations. Bakoyannis ruled out the municipality taking on extra debt in the short term.