S&P Delays Greek Economy’s Credit Review, Keeps Rating at BBB-

Standard & Poor’s, which was scheduled to carry out its second assessment of the Greek economy on Oct. 19, decided not to proceed with its review and defer any decision until the Spring of 2025. As a result the international credit rating agency has kept Greece’s rating unchanged at “BBB-“ with a positive outlook.

It is worth noting that S&P is the only major credit rating agency maintaining a positive outlook on Greece, making it the most likely to elevate the country’s credit rating to the second rung of investment grade.

The Greek economy has two more upcoming reviews by international agencies before 2025 expires. Fitch is to review the performance of the country’s performance on Nov. 22, which had upgraded it to BBB-. The year will close with Scope Ratings reviewing the economy on Dec. 9. In July the agency maintained Greece’s rating at BBB- (investment grade), upgrading its outlook to positive.

Moody’s, on the other hand, is the only one of the five major rating agencies that hasn’t assigned Greece an investment grade rating, while the other four (DBRS, Fitch, S&P, and Scope) have elevated Greece to this status.

Moody’s took a “stricter” stance compared to the other agencies when in Sept. of 2023 it refused to grant Greece the investment grade, though it did upgrade its outlook to positive. Moody’s made a double upgrade of Greece’s economy from Ba3 to Ba1, just one notch below investment grade, with a stable outlook. This was followed by a reaffirmation of the rating in March with no changes to the outlook.

Source: tovima.com