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S&P awards investment grade, bringing arduous cycle for economy to a close S&P became on Friday the first of the three leading rating agencies that restored Greece to investment grade, bringing to a close an arduous period for the country that started at the end of 2009 and was sealed with the signature of the first adjustment programme with the eurozone and the IMF in May 2010.
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Economy
Moody's ups GGB rating by two notches, on par with S&P and Fitch Moody’s upped on Friday night Greece’s credit rating by two notches to ‘Ba1’ with a stable outlook, coming on par with the other two leading rating agencies that had Greece one notch below the investment grade.
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Economy
Return to investment grade overshadowed by flood destruction The Greek authorities and particularly the government must have had different plans in response to Friday’s move by DBRS to upgrade Greece’s credit rating to investment grade, a rating that it lost 13 years ago as the debt crisis was unfolding and led to three successive adjustment programmes.
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Economy
Scope Ratings second to give Greece investment grade as attention turns to key players from Sep After the R&I rating agency of Japan, it was Scope Ratings from Germany on Friday that moved Greece up by one notch to ‘BBB-‘, which is within the investment grade category, with a stable outlook, although both of the agencies are not part of the four agencies that the ECB has endorsed for its policy decisions.
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EconomyMacroeconomy
New 15-yr issuance and bond switch smooth maturity profile further, although at steep yield Greece completed on Tuesday its third syndicated transaction of the year with a 3.5 billion euros 15-year bond with a coupon of 4.375 pct.
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Economy
Bond re-opening with 4 pct yield completes debt strategy for year The PDMA took another cautious step on Wednesday by completing the debt strategy for the year with a small re-opening of the issuance that matures in January 2042, also rounding up the re-opening schedule for the second quarter.
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EconomyMacroeconomy
Fitch takes no rating action as fiscal continuity remains crucial to investment grade Fitch took no action on Friday regarding Greece’s rating, re-affirming the country’s ‘BB+’ and keeping the outlook stable.
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Economy
Markets buoyed by election result After his landslide win on Sunday, Kyriakos Mitsotakis received a vote of confidence from the markets as the election outcome sets the stage for a majority government in the second elections and policy stability and continuity.
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Economy
PDMA nears completion of annual debt strategy, taking another cautious step Greece’s debt managers have taken the next step in their borrowing strategy for this year by re-opening two bonds on Wednesday that fetched 400 million euros collectively.
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Economy S&P only ups outlook, waits for political clarity before rating move S&P left Greece’s rating unchanged at “BB+’, while it upped its outlook to positive from stable, one notch below investment grade.