Standard and Poor's upgraded Greece's investment grade rating to BBB- from BB+ on Friday night.
This is the first investment grade rating for Greece by the three major rating agencies, and now only one more upgrade is required, either by Fitch or Moody‘s, to make Greek government bonds eligible for certain major investment grade bond indices.
Greece has already been upgraded to investment grade by DBRS on September 8, which, although it is one of the four agencies “recognized” by the ECB, is not in the top 3 Credit rating agencies.
The recovery of the investment grade is expected to give prestige to the Greek economy after several years, with the most important benefits being:
Increasing the attractiveness of Greece for international investors, which could lead to an increase in capital inflows and boost economic growth.
Strengthening the confidence of citizens and businesses in the Greek economy, which could lead to an increase in consumption and business activity.
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Reducing the country‘s borrowing costs, which will facilitate the financing of public and private sector investment.
