Greece gets double boost from Moody’s and Scope

Moody’s Ratings changed the outlook on Greece’s ratings to positive from stable and affirmed the Baa3 long-term issuer and senior unsecured debt ratings.

According to the statement, the rating agency affirmed the foreign currency senior unsecured shelf and MTN programme ratings at (P)Baa3, and the foreign currency other short-term rating at (P)P-3.

The outlook change to positive reflects upside risks to Greece’s credit profile, it explained in its statement. “There are increasing signs that the authorities’ continued focus on structural economic and institutional reforms is bearing fruit in the form of increased  economic and fiscal resilience that will exceed our current expectations. This, in turn, could improve structural growth rates. Moreover, greater resilience would support the government’s capacity to sustain this multi-decade process of debt reduction, including by continuing to prepay some of its crisis-era debt. The positive outlook also reflects growing, although not yet assured, confidence that recent fiscal gains, including the political consensus in favour of maintaining the path of debt reduction, will prove durable through fluctuations in the economic cycle.”

It added that the affirmation of Greece’s Baa3 ratings reflects the country’s solid reform track record, structurally favourable debt affordability metrics, and significant improvements in the public finances as well as structural challenges to the credit profile such as still-high government debt, large external imbalances, modest productivity growth and the substantial stock of distressed debt outside the banking system that weighs on indebted households and firms.

Scope upgrades Greece’s rating to BBB+ with Stable Outlook

Scope Ratings GmbH also upgraded the Hellenic Republic’s (Greece) long-term issuer and senior unsecured debt ratings to BBB+, from BBB, in both local and foreign currency and revised the Outlook to Stable, from Positive.

The short-term issuer rating has been affirmed at S-2 in both local and foreign currency. As per Scope’s Rating Definitions updated in December 2025, outlooks are not assigned to short-term ratings; hence the Stable Outlooks for Greece’s S-2 short-term ratings have been withdrawn (irrelevant rating category).

The upgrade of Greece’s ratings to BBB+ reflects:

• A rapidly declining public debt ratio and strengthening fiscal sustainability, supported by large and sustained primary surpluses, structural improvements in tax administration and compliance, and a track record of prudent fiscal management. These factors have strengthened the government’s revenue-generating capacity and support continued debt reduction.
• Improving economic resilience and medium-term growth prospects, supported by sustained reform implementation, strong investment dynamics and substantial EU-funded investment programmes. Greece has consistently outperformed the euro area in recent years, increasing evidence of enhanced resilience relative to the pre-pandemic period.

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