Moody’s gave a boost to confidence in the Greek economy by upgrading its outlook from “stable” to “positive”. Although the international rating agency once again kept Greece’s credit rating unchanged at Ba1, just one notch above investment grade.
In this way Moody’s has confirmed its reputation as the most “strict” international rating agency, given that it continues to deprive the Greek rating of the only…investment grade rating it lacks.
However, the Greek rating has already received an investment grade from the other four major agencies, S&P, Fitch, Scope and DBRS. In fact, the latter, in its rating on 6 September, also upgraded the outlook for the Greek economy from stable to positive.
The results of these upgrades are already visible, as the markets have already changed their attitude towards Greek assets and this is clearly reflected in Greek bond yields with their spread over German bonds remaining below 1%.
After tonight’s verdict from Moody’s, the baton will be passed to Standard & Poor’s on October 18, followed by Fitch Ratings on November 22. The cycle of ratings for 2024 will be “closed” by Scope, on December 6.
