DBRS ups Hellenic Republic

DBRS said it raised the Hellenic Republic’s long-term foreign- and local-currency issuer ratings to BB from BB (low). The agency changed the trend to positive from stable.

“The ratings upgrade reflects DBRS Morningstar’s positive view of fiscal and economic developments before the pandemic that positioned the country with more resilience to work through the ongoing challenges. Greece’s strong fiscal performance before the outbreak of the Covid-19 health crisis and sizeable cash reserves, that increased to €32.2 billion at the end of June 2021, gave the government fiscal space to cushion the impact of the pandemic by implementing support measures,” the agency said in a press release.

The revised trend mirrors the view that Greece’s economic prospects appear to be healthier. “Despite the health crisis, the Greek government continued to implement its structural reform agenda in co-operation with the European institutions, thereby improving growth potential. Strong signs of economic recovery have already started to emerge,” DBRS said.

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