S&P has affirmed Greece’s credit rating at BBB with a stable outlook, one notch above investment grade.
S&P notes that it has made its semi-annual assessment of Greece’s credit rating, based on the latest data, without publishing a new report.
The agency had upgraded Greece to within investment grade last April.
The Fitch, DBRS and Scope also rate Greece’s credit at the same grade as S&P, while Moody’s rates it one notch lower, at Baa3.
The rating of other agencies
The decision by S&P Global Ratings was largely expected, given the circumstances. Other international rating agencies had taken a similar stance in the previous period. Morningstar DBRS maintained Greece at “BBB” with a stable outlookin early March, while shortly afterwards both Moody’s, maintaining the rating at “Baa3” with a stable outlook, and Scope, which affirmed “BBB” with a stable outlook, moved in the same line.
Now pending is the Fitch Ratings rating, which is scheduled for May 8.
Despite the expected nature of the decision, today’s rating was of particular interest as it is S&P’s first report after two months of war in the Middle East.This timeframe allows for a clearer reflection of the impact of the crisis on the economy, particularly in terms of energy, inflation and the broader fiscal outlook.
Our interest has also been boosted by the recent announcement of the 2025 surplus, as the assessment of fiscal performance and the path of public debt de-leveraging could set the stage for a possible upgrade at S&P’s next “rendezvous” with the Greek economy in October.
