R&I upgrades Greece to level before investment grade

Greece is only one step away from acquiring the investment grade, a “national goal,” following the country’s credit rating upgrade by R&I on Monday, Finance Minister Christos Staikouras said.

In a statement, the FinMin noted that the Japanese credit rating agency became the fourth agency after Standard & Poor’s, DBRS and Scope Ratings, to upgrade the Greek state’s credit rating to BB+, only one notch below investment grade.

He added that this was the 11th credit rating upgrade of the Greek economy in the last three years, despite the successive external crises, and reflect the government’s right economic policy.

Staikouras said that following achieving the goals of “lifting capital controls, early repayment of the International Monetary Fund, reducing the stock of nonperforming loans in Greek banks, maintaining a strong recovery and sustainable recovery of the economy, gradual fiscal balance, creating strong cash reserves, offering generous and efficient support to households and enterprises, making a rational exploitation of European Union funds and ending the enhanced surveillance status, Greece was moving closer to achieving its last goal: acquiring investment grade. A national goal of particular importance for the economy and society.”