Scope Ratings raises Greece’s outlook to ‘Positive’
German rating agency Scope Ratings affirmed on Friday Greece’s BBB- rating, while upgrading the Greek economy’s outlook to positive.
As the analysts of the rating agency report, “the upgrade of the outlook is a result of the reduction of debt, the improvement in the resilience of the banking system and the favorable momentum in structural reforms. The very high public debt and the ongoing structural weaknesses of the economy remain a burden for the evaluation of Greece,” it is pointed out.
Scope estimates that Greek the debt will continue to decline in the coming years. After all, this was one of the main reasons why the agency upgraded Greece to investment grade last August.
In addition, the consolidation of the banking system, the reduction of bad loans, combined with the full privatization of systemic banks, support the resilience of the sector, analysts point out.
The Minister of National Economy and Finance Kostis Hatzidakis commented: “Today’s upgrade of the outlook of the Greek state’s debt from stable to positive by the Scope Ratings, following the corresponding upgrade by Standard & Poor’s last April, emphatically confirms the success of the applied economic policy and the positive prospects of the Greek economy.”
