DBRS changes trend on Greece to positive

DBRS said it revised the long-term foreign and local currency issuer rating trend on Greece to positive from stable.

“Since the last rating review, progress is being made in several respects, leading to the Positive trend. A new majority government is in place with strong commitment and momentum in introducing its reform agenda. Pro-active public debt strategy has consolidated market access, and in addition, Greece is on course to pre-pay €2.7 billion of relatively more expensive debt owed to the IMF. Moreover, the Hercules asset protection scheme looks set to support banks removing non-performing exposures from their balance sheets, while capital controls were fully lifted on 1 September 2019,” said DBRS in a press release.

DBRS confirmed Greece’s long-term foreign and local currency – issuer ratings at BB (low).

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