According to comprehensive reports from Worldway Group: Following Fitch and Moody's, international rating agency Standard & Poor's recently announced a one-notch upgrade to Greece's sovereign credit rating, expecting Greece to continue reporting primary budget surpluses in the coming years. In addition, the Greek newspaper "Realnews" reported that Greek Prime Minister Samaras stated that Greece's fiscal situation continues to improve and that a third round of international bailout is not required.
Two years after the country was on the verge of bankruptcy and the Eurozone was near collapse, Greece's finances have returned to the right track, achieving a primary budget surplus last year and returning to the bond market in April of this year.
S&P's statement noted: "Greece's credit rating has been upgraded from B- to B, because we believe the risks to Greece's fiscal reforms have decreased." S&P also assigned a "stable" outlook to the credit rating.
Previously, Fitch upgraded Greece's credit rating to B in March, and Moody's upgraded it to Caa1 in August. The ratings given to Greece by these 3 rating agencies remain in junk territory, reflecting the fact that Greece's debt-to-GDP ratio remains high, with the ratio expected to peak at 177.2% this year.
Greek Prime Minister Samaras stated that the Athens government will meet its fiscal targets, will not require new financing, and will not sign any unnecessary new bailout agreements.
Worldway Group Editor
