ATHENS, Nov. 15 (Xinhua) -- Fitch Ratings upgraded Greece's long-term credit rating to BBB from BBB-, citing accelerated debt reduction, strong fiscal performance, and resilient economic growth, the Greek official news agency AMNA reported Saturday.
In an announcement released late Friday, Fitch said Greece is on track to reduce its debt ratio by nearly 20 percentage points over 2024-2025, with the level expected to approach 120 percent of gross domestic product by 2030.
The agency highlighted steady nominal growth of about 4 percent, primary surpluses, and cash reserves sufficient to cover several years of financing needs. Improved tax collection, tight expenditure control, and consistent budget surpluses were also noted as outperforming the BBB-category median. It added that Greece's banking sector has returned to investment grade following a series of improvements.
In response, Greek government spokesperson Pavlos Marinakis welcomed the upgrade, saying it reflects growing international confidence in the economy. Meanwhile, he acknowledged that living-cost pressures, especially housing, remain a challenge.
In May, Moody's upgraded the country's rating to Baa3, the lowest tier of investment grade. Previously, S&P and Fitch had raised Greece's sovereign credit ratings to BBB- in October and December 2023, respectively.
