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Economy

Fitch Ratings Bumps Rebounding Greece Up to Investment Grade Status

ATHENS – Greece’s rocketing recovery from the poor child of Europe to one of its best economic performers, got another boost when Fitch Ratings lifted the country’s standing to investment grade.

That will bring lower interest rates and likely more interest from investors, wit Prime Minister Kyriakos Mitsotakis luring more foreign companies and accelerating a comeback with the further waning of the COVID-19 pandemic.

Fitch said the Greek rating also has a positive outlook which could bring another upgrade, the country finally shedding its junk bond status that brought expensive borrowing from the markets.

The move comes after other major agencies, DBR Morningstar, Scope Ratings, R & U and Standard & Poor’s also put Greece at the investment grade level, the economy growing 5.6 percent in 2022 and another 2.4 percent in 2023.

The only major agency that hasn’t lifted up Greece’s ranking is Moody’s, which placed it just a notch below, with decades more needed to repay the balance of 326 billion euros ($354.59 billion) in three international bailouts.

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