The Greek government is now aiming at acquiring the investment grade from the last rating agency, after the recent upgrade by Fitch, so that the potential purchasing power for Greek bonds can increase even by 18-20 billion euros per year.
Greece has also raised its expectations over the rating of its bonds. The “BBB-” that the country has received from all rating agencies except Moody’s is the lowest investment grade. Therefore, three more upgrades are required, so that it changes level.
In the short term, the recovery of the investment grade by Moody’s (it has ranked Greece as “Ba1” after the double upgrade weeks ago) is a goal that is estimated to be achieved within 2024 even in two… installments (first upgrading the outlook and then returning to investment grade, which for Moody’s is “Baa3”).
Next milestone in March
The next assessment from this particular rating agency is scheduled for March 2024. Why is the upgrade from the last rating agency also important? As it has its own clientele, the potential clientele for Greek bonds also increases. In fact, Moody’s is the largest rating agency in the world, which is why the potential demand can now even reach 18-20 billion euros.
Two other important days
The first important date is December 15. The early repayment of the installments of the bilateral loans, totaling 5.3 billion euros, is scheduled to take place on that day.
The second important date is December 23 or 24. Having closed 2023 with the recovery of the investment grade by the large majority of rating agencies, the Public Debt Management Agency (PDMA) will present the lending program for the following year.