The international rating agency Moody's, upgraded the outlook for the Municipality of Athens from stable to positive, while at the same time confirming its credit rating at the investment grade level of Baa3. The outlook upgrade constitutes yet another positive step for the financial image of the Municipality of Athens.
The Mayor of Athens, Haris Doukas, stated: “We are putting the Municipality’s finances in order and prioritizing the most vulnerable. They were saying that we were leading the Municipality "onto the rocks" and onto a "memorandum track." And all this because we secured financing from the European Investment Bank to fix our schools. The international agency Moody's proves them utterly wrong. It keeps us at the investment grade level of Baa3 and upgrades the outlook for the Municipality of Athens from stable to positive, with debt at just 22% of operating revenues. Some invested in catastrophizing. We are investing in Athens’ schools.”
Athens moved into investment grade in March 2025, when Moody's upgraded the Municipality's creditworthiness from Ba1 to Baa3, with a stable outlook. In September 2025, the international agency confirmed the rating, highlighting the Municipality’s positive fiscal position and liquidity.
According to the data from the 2025 rating, the Municipality of Athens showed a positive primary operating balance and a funding surplus, while its debt stood at approximately 22% of operating revenues.
With Moody's new decision, Athens remains at Baa3, the first level of the investment category, but now with a positive outlook. The now positive outlook opens the way for a further upgrade of the Municipality’s credit rating.
The Deputy Mayor for Financial Planning, Giorgos Giannaros, stated: “Moody's rating is an important confirmation that we can continue to invest in the city while at the same time maintaining strong financial foundations. This development constitutes an important institutional and economic signal for the country’s capital and reflects the Municipality’s ability to respond to the city’s major needs with its gaze fixed on the Athens of the next decade.”