Moody’s is the only major house that has not given Greece investment grade, with the others – S&P, Fitch, DBRS and Scope – having proceeded with this move in the second half of 2023.
Greece’s last upgrade by Moody’s was about a year ago, raising its credit rating by two notches.
However, the buying interest in Greek bonds is maintained with their margin against German bonds remaining below 1%.
Today in the secondary market and more specifically in the Electronic Transaction System of the Bank of Greece (HDAT) transactions of 113 million euros were recorded, of which 27 million euros related to purchase orders. The yield of the Greek 10-year bond stood at 3.13% against 2.145% of the corresponding German bond, resulting in a margin of 0.98%
Next appointments with the rating agencies are with Standard and Poor’s on October 18 and with Fitch on November 22. The evaluation cycle for 2024 will be “closed” by Scope on December 6.
Hatzidakis: The positive assessments from Moody’s are a response to nihilistic criticism
The Minister of National Economy and Finance, Kostis Hatzidakis, made the following statement after Moody’s announced the upgrading of the prospects of the Greek economy:
“Moody’s today proceeded to upgrade the outlook of the Greek economy for three main reasons which, as it notes, are the following: faster growth, better fiscal performance than planned which is mainly attributed to the measures to limit tax evasion and the further strengthening of the banking system.
This is the second upgrade of the economy’s outlook by an international rating agency after the corresponding move by DBRS last week.
Moody’s notes that the Greek government has demonstrated a strong commitment to fiscal prudence and has implemented a series of fiscal reforms in recent years (digitalization of AADE, electronic invoicing, interconnection of POS with cash registers) that have boosted revenues. It also notes that higher primary surpluses – possibly coupled with stronger real and nominal GDP growth – will in turn support faster debt reduction.
While in relation to banks, the house underlines that the health of the Greek banking system has already improved significantly in recent years and Greek banks are now closer to the EU average in terms of capitalization, profitability and non-performing loan ratios.
Moody’s rating is yet another response to those who insist on nihilistic criticism of the government’s economic policy. A policy which the government will continue at a faster pace, not only because it is recognized abroad, but mainly because citizens see its positive effects on growth, incomes, the reduction of unemployment and the fair distribution of tax burdens every day.”
Nikos Papathanasis: Her announcement Moody’s comes to confirm the systematic work of the governments of Kyriakos Mitsotakis, the progress and prospects of the country
The Deputy Minister of National Economy and Finance, Nikos Papathanasis, on the occasion of Moody’s announcement on the Greek economy, underlined:
“The announcement of the house Moody’s is yet another international confirmation of the systematic work that has been ongoing since 2019, resulting in the conquest by the country of 2her position in growth rates in the E.U. for the 2nd quarter of 2024, growth rates much stronger than the Eurozone average, but also the inclusion of Greece in the first positions of the Union countries in terms of the absorption of Recovery Fund and NSRF resources.
Today’s development comes to strengthen our belief that development does not come as “mother from heaven”. It takes a reform plan, commitment to goals and daily hard work to achieve them. Because, this is the only way to reduce debt as a percentage of GDP, this is the only way to reduce the cost of borrowing and Greek securities become more visible to foreign institutional investors, this is the only way to increase investments and exports, but above all, this is the only way to create new and better-paid jobs work for all our fellow citizens.
Faithful to our strategic choice to respect fiscal rules, consistency and efficiency, with the aim of sustainable development with social and regional cohesion, we continue to add levels of credibility to the country, we continue to put into practice what we have committed to.”
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#Moodys #Upgraded #outlook #Greek #economy #positive #Hatzidakis #Papathanasiou
