Greece’s sovereign-credit rating was lifted to investment status by DBRS Morningstar — the country’s most significant upgrade out of junk since it was rocked by a debt crisis more than a decade ago.
As well as representing a seal of approval for Prime Minister Kyriakos Mitsotakis’s economic agenda, DBRS is one of the ratings companies recognized by the European Central Bank, meaning Greek bonds will no longer face higher-than-normal haircuts when used as collateral in refinancing operations.“The Greek authorities will remain committed to fiscal responsibility, ensuring that the public debt ratio stays on a downward trend,” DBRS said in a statement.
The move means further improvement in lending costs, higher investments in the country, growth and new jobs, Finance Minister Kostis Hatzidakis said. The economy is expanding, too. Second-quarter data published this week showed expansion of 1.3% from the previous three months, driven by consumption and investments. First-quarter figures was also revised higher.
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