Fitch affirms Greece at ‘BBB-’, maintains stable outlook

Fitch Ratings affirmed Greece's credit rating at "BBB-" with a stable outlook, maintaining the rating it had assigned six months ago when Greek bonds were elevated to investment grade.

The previous upgrade, following S&P's similar move in October 2023, facilitated the inclusion of Greek bonds in major international indices monitored by large institutional investors.

In its announcement, Fitch notes that Greece's ratings reflect higher-than-average per capita income levels and governance indicators among "BBB" rated countries. These strengths are supported by policy credibility due to EU and eurozone membership. However, the agency also highlights the lingering effects of the sovereign debt crisis, including high public and external debt levels, high though declining unemployment, low medium-term growth potential, and persistent vulnerabilities in the banking sector.<...