A Rare Credit Rating Upgrade For Greece, The Impossible Comes True

24/7 Wall St.

greek flagThe sovereign credit ratings of Greece and other PIIGS from the major ratings agencies have generally gone in one direction in recent years. Downward and onward. This is almost hard to believe on the surface, but Fitch Ratings has actually just upgraded Greece’s credit ratings. Fitch is raising Greece to “B-” from “CCC” and the Short-term foreign currency IDR has also been raised to “B” from “C” and while the Country Ceiling was raised to “B” from “B-” in the call. The Outlook on the Long-term IDRs is Stable.

Many factors were cited. The degree of default risk for private creditors has subsided above the “CCC” rating. The Economic Adjustment Programme is on track while there is a semblance of political and social stability. Greece’s primary fiscal adjustment of over 9% of GDP in 2009 to 2012 was called the most ambitious instance of fiscal consolidation among advanced economies in recent times. Fitch…

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