Standard & Poor’s rating agency announced the upgrade of the Greek economy to BBB- with a stable outlook (from BB+ with a positive outlook previously).
This assessment classifies (and formally) the Greek debt in “investment grade” status.
This means that Greek bonds are now becoming “eligible” for large foreign investors without needing the ECB’s protective exemptions and indeed at a time of intense uncertainty in the international economic and political environment.
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.
— Prime Minister GR (@PrimeministerGR) October 20, 2023
In addition, although this is the second upgrade of the Greek economy to investment grade status, after that of DBRS on September 8, today’s is clearly more important as the size of the American house is much greater and as newmoney.gr wrote “in real economy, the door for international capital and large foreign investors is opened by no one, perhaps, except Standard and Poor’s. If DBRS is taken into account by 10%-15% of the global market, S&P’s is followed by 60-70% of markets”.
