Scope Ratings upgraded Greece’s creditworthiness to BBB+ from BBB, with a stable outlook, highlighting the rapid de-escalation of public debt, strong fiscal performance, and the greater resilience of the Greek economy,” Kyriakos Pierrakakis points out in his statement.
At the same time, Moody’s upgraded the outlook for the Greek economy from stable to positive, maintaining the credit rating at Baa3. Moody’s decision constitutes Greece’s third outlook change to positive in about a month, following R&I on August 17 and DBRS on September 4.
In his statement, the Minister of National Economy and Finance Kyriakos Pierrakakis said:
“Greece is being upgraded twice today, by two different international rating agencies, at a time when international markets are being tested. And this has enormous value.
These decisions recognize that the Greek economy has acquired greater resilience and credibility. They confirm the strong fiscal performance, growth above the European average, the rise in investments, and the progress of reforms.
However, they also highlight a very specific choice of ours. To use fiscal progress to reduce public debt more quickly, proceeding with early repayments. This strategy strengthens Greece’s position and makes it more resilient against international turbulence.
Credibility is built with results. Today’s decisions, as well as the return of the Athens Stock Exchange to developed markets, are important achievements of a course that we must continue. With fiscal consistency, investments, and reforms that increase productivity and create better-paid jobs and higher incomes for citizens.”
Scope places particular importance on the rapid de-escalation of public debt, which it estimates will decline to about 136% of GDP in 2026, from 146.1% in 2025, with the reduction also supported by further early repayments. The agency forecasts a further decline to about 110% of GDP by 2031, while also noting that the favorable debt structure, long maturities, and low refinancing risk strengthen its sustainability.
In its report, the same agency also notes that Greece’s fiscal performance remains very strong. For 2025 it records an overall surplus of 1.7% of GDP and a primary surplus of 4.9%, while estimating that the country’s fiscal performance will remain among the strongest in the European Union.
Extensive reference is made to the improvement of tax administration through institutional reforms and digitalization, which, according to Scope, has substantially strengthened the collection of public revenues.
At the same time, Scope finds a significant strengthening of the resilience of the Greek economy. Real growth averaged 2.1% in the 2023-2025 period, compared with about 1% in the EU, while economic activity is supported by domestic demand, tourism, the rise in investments, the implementation of structural reforms, and the utilization of European resources.
As an important factor in the improvement of the economic outlook, the agency also highlights the recovery of investments, noting that Recovery Fund resources are financing the modernization of infrastructure, digitalization, and the green transition. At the same time, reforms in public administration, taxation, and the business environment have strengthened the conditions for investment. By June 2026, Greece had received €24.6 billion from the Recovery Fund, almost 70% of the total available resources.
Scope also assesses the country’s governance factors as strong, highlighting the stable institutional framework, the continuation of reforms, and improvements in public administration, tax administration, digitalization, and the effectiveness of the public sector.