European Stability Mechanism (ESM) praised Greece for regaining investment grade
In its recent announcement, European Stability Mechanism (ESM) stated that “Greece has achieved a milestone”, thanks “to the efforts of the governments and the people of Greece” the ESM said, among others, in its announcement on the Twitter-X platform.
🇬🇷 Greece achieved a milestone worth celebrating – it regained investment grade by one of the major rating agencies due to the remarkable efforts by governments and the people of Greece.
1/3 pic.twitter.com/6sOvfatRH6— ESM (@ESM_Press) September 9, 2023
It added: “Adjustment has been difficult, but over the past decade the country has introduced lasting reforms, rebuilt investor confidence and worked towards a more sustainable economy. Together with the support of the ESM, Greece sowed the seeds for an impressive recovery.”
Finally, the ESM pointed out that “advancing the national recovery plan, investing and staying on a prudent fiscal path will strengthen market success and confidence”.
The news that the Canadian rating agency DBRS has upgraded the investment grade of Greek bonds is reported by international media.
Although DBRS is not part of the “big three”, which are S&P Global Ratings, Moody’s and Fitch Ratings, its decision is a victory for Greece.
This is the first of the four rating agencies recognized by the European Central Bank, which gives Greece investment grade again after 13 years.
Moody’s is due to release its rating update on September 15, S&P on October 20 and Fitch on December 1, this year.
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