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Greece upgraded to ‘BB’ investment rating

© Belga
© Belga
© Belga

Greece’s debt was upgraded by one notch on Friday by the Fitch rating agency, announcing that the country’s debt’s sustainability continued to improve.

Thus, the Greek rating went from “BB-” to “BB”, meaning it is more prone to changes in the economy, but is still in the “speculative” category. The grade is accompanied by a positive outlook, meaning it could be raised again in the coming months.

“The general sustainability of the debt continues to improve, supported by a stable political environment,” Fitch announced, which also expects the debt to continue to decrease.

The Greek State Budget for 2020 forecasts a surplus just over the threshold imposed by its lenders.

Despite the end of the financial assistance plans between Athens and its creditors in August 2018, Greece is still required to comply with a primary budget surplus (excluding debt charges) of 3.5% of GDP until 2022.

Greece plans to borrow between 4 and 8 billion from the markets in 2020, after a year in 2019 when interest rates sometimes reached below 0%.

The national debt agency forecasts the 2019 debt rate to decrease to 173% of gross domestic product (GDP) compared to 181% in 2018 (335 billion euros).

The Brussels Times

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