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Economy
Moody's, DBRS keep ratings unchanged, leave no doubt that fiscal prudence is key for next moves Moody’s and DBRS issued on Friday night their scheduled credit reviews for Greece, both leaving the rating and outlook unchanged. This was the most likely outcome given the global challenges and the uncertain times on several fronts.
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Economy
Reopening of 10-year bond issued in Jan sees yield double to 3.67 pct Greece’s debt managers continue to take cautious steps in the sovereign bond market after having to readjust their borrowing strategy following the uncertainty caused by the Ukraine conflict and the turbulence in the markets, which pushed the 10-year benchmark yield to 4.8 pct at the end of last month.
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Economy
Fitch leaves rating and outlook unchanged, underlines fiscal performance key to higher grade Fitch affirmed on Friday Greece’s ‘BB’ credit rating and kept the outlook positive, remaining one notch behind S&P and two notches from investment grade.
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Economy Rising bond yields a concern, but not an immediate fiscal problem Greece’s rising bond yields have begun attracting attention domestically and internationally as the low-yield environment becomes a thing of the past. Although these developments are justifiably causing some concern, they should not at this stage be the cause of excessive anxiety, especially in the fiscal context.
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Economy
Reopening of 7-year bond affirms tougher conditions on sovereign debt market Amid the uncertain times of the Ukraine conflict and the inflationary pressures globally, but after Greece’s upgrade by S&P last week to one notch from investment grade and the recent prepayment of IMF loans by the government, the PDMA saw a window of opportunity to dip back into the bond market.
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Economy
S&P moves Greece closer to investment grade, puts focus on budget and growth S&P on Friday night upgraded Greece’s credit rating by one notch to ‘BB+’, while the outlook was revised from positive to stable. Greece is now just one notch away from securing an investment grade with S&P.
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Economy
DBRS moves Greece a notch closer to investment grade as Moody's holds off The Greek authorities anticipated two credit rating upgrades on Friday but had to settle for one as DBRS upped the country’s rating by one notch and just one step away from investment grade. The outlook was also revised from positive to stable.
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PoliticsGreek Politics
Hopes of EU providing immediate relief wane as economic challenges multiply The first day of the EU leaders’ summit in Versailles on Thursday did not produce particularly encouraging developments for the Greek government, which is hoping that Europe will step in to provide solutions on the fiscal front as the energy crisis and runaway inflation fuel political concern.
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Economy
Rising yields, market turbulence limit government's fiscal options It seems that the Finance Ministry toying with the idea of countering inflation by reducing VAT and special consumption taxes on fuel and basic goods only lasted about a week, partly due to developments on the bond market, which have been exacerbated by the ECB signalling last Thursday that it is set to tighten monetary policy this year.
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Economy
First bond of 2022 attracts fewer offers, more than double last year's yield at 1.83 pct Greece stepped into the international markets on Wednesday with an inaugural 10-year benchmark, rolling out its 12-billion-euro debt strategy of 2022.