Moody’s upgrades Greece’s rating by two notches

Greece’s rating is one step away from investment grade: Moody’s raised it two notches – from Ba3 to Ba1.

This happened on Friday evening, September 16, a week after DBRS assigned Greece an investment grade rating. In a statement, one of the three largest rating agencies said that the American agency has carried out the long-awaited upgrade of the credit rating of the Greek economy with a stable outlook:

“The two-notch rating upgrade reflects Moody’s view that the Greek economy, public finances, institutions and banking system are undergoing profound structural changes that will contribute to further significant improvements in credit performance and resilience to future potential shocks. The stable outlook balances positive trends with structural challenges that could put more pressure on Greece’s credit profile than we currently anticipate, driven by relatively low, albeit rising interest rates, a significant current account deficit, a still high public debt burden, additional economic and fiscal pressures challenges associated with population aging and climate change.”

Now the next “signature” dates for the Greek economy will be October 20, when the second rating from Standad & Poor’s will be announced, and December 1 – the third rating from Fitch. Minister of Economy and Finance Kostis Hatzidakis, on the occasion of the upgrade of the Greek economy by Moody’s, made the following statement, quotes CNN Greece:

“Moody’s upgrade of Greece’s credit rating by two notches is not only another reward for the government’s fiscal and overall economic policies. It is, above all, proof that the government must remain committed to a serious fiscal policy. Which, despite the difficulties, will continue “Strive to meet our goals and achieve a corresponding primary surplus. We have achieved a lot in the economy over the past four years. We are assessed every day, and there is no reason to squander the progress we have made. We will continue to steadfastly combine social sensitivity with economic responsibility.”