Credit rating

Moody’s is the last of the major credit rating firms not to have upgraded the Greek economy to 'investment grade', retaining the Ba1 rating - a notch below

The international ratings firm raised Greece to investment grade in early August 2023

The Canada-based credit rating agency, however, lowered its GDP prediction to 2.2% for 2025

Fitch cited Greece's ratings reflect income per capita levels and governance indicators that are well above the 'BBB' median, as well as policy credibility supported by EU and eurozone membership

This makes NBG the first Greek bank to regain Investment grade status, nearly 15 years after the onset of the Greek financial crisis

In summary, Greece must address issues beyond fiscal matters, such as justice, corruption, and public administration reforms, to achieve an A+ rating.

S&P, Fitch Ratings, DBRS Morningstar and Scope Ratings have already restored country to investment 'territory' since 2023

The assessment is part of JP Morgan’s analysis released today regarding potential rating changes in 2024 across the Eurozone

The upgrade reflects key rating drivers and their relative weights, such favorable debt dynamics and a commitment to fiscal consolidation