International credit ratings agency Standard & Poor’s Global Ratings (S&P) on Friday upgraded Greece’s economic status to investment grade.
S&P raised the country’s local and foreign currency long-term issuer ratings to BBB- from BB+ with a stable outlook. This move was preceded on September 8 by the Canadian agency DBRS.
In its announcement, S&P speaks of an improvement in Greece’s public finances thanks to fiscal adjustment efforts, while noting that significant progress has been made in addressing Greece’s economic and fiscal imbalances since the 2009-2015 debt crisis.
“An important milestone today, as S&P Global Ratings upgrades Greece to investment grade. Proud of the recognition of what our country has achieved. We are determined to continue our reform agenda, a path that is attracting investment, creating jobs and achieving inclusive growth”, wrote Greek Prime Minister Kyriakos Mitsotakis on X, welcoming the upgrade.
On Facebook, the Greek premier added that as the upgrade comes “in the midst of global turmoil, it confirms that our country has left behind for good the long-standing crisis with stability, consistency and continuous progress in its arsenal.”
The upgrade is also “our people’s achievement,” he added, “as well as rewarding the government’s plan which, despite the difficulties, is bearing fruit through investments and development, increasing public wealth and reducing unemployment, thus turning collective prosperity into individual prosperity, with better wages and pensions, and with daily support for the most vulnerable.”
“As Greek bonds become increasingly attractive to international markets, borrowing becomes easier and cheaper for businesses and households. At the same time, the way is being paved for billions in investment funds to be funneled to the country that could not be directed here for almost 15 years.”
The upgrade was “another call to stay united on the path of great changes and bold reforms for Greece in the 21st century.”
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