PARIS – Moody’s has upgraded Greece’s long-term debt rating, citing growth prospects for next year, as well as progress in tax compliance, strengthening institutions and fighting corruption.
The ratings agency lifted the country’s rating by a notch yesterday from B1 to Ba3 with a stable outlook, despite the coronavirus outbreak and its impact on Greece’s tourism industry.
The boost follows Fitch’s upgrade of the Greek debt rating in January.
“Favourable growth prospects, combined with a return to a prudent fiscal stance, will lead to a gradual reversal in the public debt trend,” said Moody’s in its report. – AFP, November 7, 2020
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