Today: Friday, 12 August 2022 year

Greece welcomes upgrade of credit rating by Fitch

Greece welcomes upgrade of credit rating by Fitch

Fitch released its new report, according to it, the rating of Greece is upgraded to “Single B” status. The financial experts decided the EuroGroup will grant debt relief in 2018, Bankingnews reports.

Greece has upgraded its rating – Fitch’s experts revised their position and believe now that the country’s third adjustment programme review will be completed without problems. In 2018, the EuroGroup is going to grant Greece’s debt relief.

The new status of Greece is ‘Single B’, that marks next milestone in the debt-laden slow journey. Not so long time ago, the country faced with default. The previous status ‘CCC’ left behind, on Friday, the state upgraded it, reduced political risk and sustained economic growth.

Greece welcomes upgrade of credit rating by Fitch

According to DZ Bank strategist Daniel Lenz,

 

“Greece is still a credit that is risky and volatile, but at least it’s now not one step away from default but two steps away.”

In other words, the upgrading the status means for Greece a possibility to attract some high-yield investors. Their financial flows are able to recover the Greek economy. Last month, S&P upgraded country’s status to “B-“, while Moody’s still not so optimistic regarding Greece, it has a “Caa2” rating.

Recently, Greece has been grappling with gargantuan levels of debt and has had to put stringent austerity measures in place in exchange for EU funds, the country was given a boost in June when euro zone governments agreed to release $9.5billion in aid.