Moody’s announced that its credit rating for Greece will remain unchanged at Baa3 with a stable outlook, noting that the country’s fiscal performance following the coronavirus pandemic continues to exceed expectations, and that Greece’s macroeconomic performance remains strong.
The credit rating agency said that Greece’s credit ratings at Baa3 and its stable outlook were based on a history of reliable reforms, which have led to visible improvements in institutions and governance, stronger investments, and a healthier bank sector.
Moody’s cautioned that despite the expected significant reduction, the debt to GDP ratio will remain very high. It should, however, be noted that the favorable debt structure and substantial cash reserves are significant factors of risk deduction, it added.
It also commented that the Greek economy has shown strong absorption of significant European Union funds, which, combined with private investments, will support growth in coming years. Along with continuing reforms, it will help in boosting the country’s growth potential and in partially offsetting the negative effects of adverse demographic trends.
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