The Standard & Poor’s rating agency is expected to issue a positive report on Greece’s progress by Friday March 21. It is rumored that the report will praise the fiscal consolidation and improvement of competition in the Greek economy. Standard & Poor’s will revise Greece’s rating for its autumn review scheduled for September 12, 2014.
On Monday, March 17, the agency rated Greece with a “B-/B”, which leads to a steady outlook. This new rating is not expected to be much different in the next report. However, it will indicate how Greece will be treated if its foreign partners decide to proceed with a haircut of the Greek debt.
Standard & Poor’s in its last report on the Greek economy issued in October 2013, recognized the fiscal progress and improvement in the competitiveness of the Greek market, however it mentioned that the general government’s debt and Greece’s foreign debt were found to be excessive.
The Moody’s rating agency is expected to publish its own progress report on the Greek economy on April 4, 2014, while the FitchRatings agency’s report will be issued on the May 23, 2014.
After a six-year recession, it appears that Greece is slowly recovering. The Greek Finance Minister, Yannis Stournaras claimed that the country will see quarter-on-quarter growth for the first time since its economic crisis began. Moreover, the Greek government as well as its international lenders believe that by the end of 2014, the crisis will end.
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