S&P Upgrades Greece’s Credit Rating to BB+ from BB, Stable Outlook

ATHENS – Standard & Poor’s (S&P) raised Greece’s credit rating to BB+ with stable outlook from BB with a positive outlook late on Friday (Athens time).

The long-term sovereign credit rating is one rating away from investment grade, the government’s target.

S&P is the second of four large credit agencies followed by the European Central Bank, which has rated Greece below investment grade. A similar rating was released by DBRS on March 18.

According to S&P, the war in Ukraine is the key factor in its outlook of a slowing down of the Greek economy from 8.3% in 2021 to 3.4% in 2022, while it noted that inflation may possibly slow down as of September. Despite the more intense international factors, the agency said, the government is expected to progress further on implementing structural reforms and fiscal adjustment as laid out by the framework of its National Development and Resilience Plan, consolidating the public debt’s downward trend as a percentage of GDP.

PM Mitsotakis

“S&P’s upgrade, following two years of a pandemic and in the midst of war, confirms the confidence in the Greek economy,” Prime Minister Kyriakos Mitsotakis said in a tweet following the release of the rating.

He added that “Greece is a hairbreadth’s away from the coveted investment grade, a stamp of credibility that will upgrade Greece’s investment and development prospects. We continue to work consistently for the home stretch with the same seriousness, focus, and hard work!”

FinMin Staikouras

The upgrade “is the 9th sequential upgrade of the Greek economy in the last 2.5 years, despite the successive and repeated crises,” Finance Minister Christos Staikouras stressed.

He called the rating a result and crowning achievement of prudent fiscal policy, visionary strategy, high cash and cash equivalents, implementation of structural reforms, a rise in investments and exports, a drop in nonperforming loans in bank portfolios, a drop in unemployment, and an improvement in the economy’s competitive ability.

However, he noted, the government “is not overlooking the great challenges, threats, and new factors formed by international developments as of late,” and remains focused on a strong and sustainable growth, creating new and well-paying jobs, and boosting social cohesion further.


MILAN — Edoardo Ronzoni inspects a construction site near Milan that he shut down in March as costs for materials skyrocketed.

Top Stories

General News

FALMOUTH, MA – The police in Falmouth have identified the victim in an accident involving a car plunging into the ocean on February 20, NBC10 Boston reported.

General News

NEW YORK – Meropi Kyriacou, the new Principal of The Cathedral School in Manhattan, was honored as The National Herald’s Educator of the Year.

General News

PHILADELPHIA – The Federation of Hellenic Societies of Philadelphia and Greater Delaware Valley announced that the Evzones, the Presidential Guard of Greece will be participating in the Philadelphia Greek Independence Day Parade on March 20.


Mission, TNH’s New Travel Documentary Series with Clelia Charissis (Trailer)

Every weekend, TNH and Clelia Charissis are on a mission, traveling around Greece and the world to highlight places through the people we meet along the way.

Enter your email address to subscribe

Provide your email address to subscribe. For e.g. abc@xyz.com

You may unsubscribe at any time using the link in our newsletter.