Greece received two positive signals from international credit rating agencies on Friday, as Scope Ratings upgraded its sovereign rating and Moody’s turned its outlook positive.
Scope raised Greece’s long-term rating from BBB to BBB+, with a Stable outlook. Moody’s kept Greece at Baa3, but changed its outlook from Stable to Positive.
The two decisions point to continued progress in Greece’s public finances and debt reduction, while also highlighting the structural challenges that remain.
Scope Raises Greece to BBB+
Scope cited Greece’s rapid debt reduction, strong fiscal performance and greater economic resilience as key reasons for the upgrade.
The agency also highlighted sustained primary surpluses, improvements in tax administration and Greece’s favorable debt structure. Long debt maturities and a substantial cash buffer provide additional protection against refinancing pressures.
Scope nevertheless continues to see high public debt as a major vulnerability. It also points to weak labor productivity, demographic pressures and Greece’s dependence on services as longer-term challenges.
Moody’s Keeps Baa3 but Turns Positive
Moody’s took a different step.
The agency kept Greece’s rating at Baa3, but raised the outlook from Stable to Positive. The move reflects its view that economic and institutional reforms have strengthened Greece’s economic and fiscal resilience.
A Positive outlook does not mean that Moody’s has upgraded Greece’s rating. Instead, it signals that the agency sees the potential for a future upgrade if Greece continues to strengthen its economic and fiscal position.
Greece’s Debt Position Is Changing
Falling public debt remains central to Greece’s improving credit profile.
Eurostat reported that Greece’s government debt stood at 143.5 percent of GDP in the first quarter of 2026, down 9.4 percentage points from a year earlier. Greece still recorded the highest debt-to-GDP ratio in the euro area, followed by Italy at 138.9 percent.
The gap, however, has narrowed considerably. Greece’s debt ratio has fallen steadily, while Italy’s has moved higher.
The latest ratings decisions therefore come at a significant point for Greece. The country has moved further up the investment-grade scale, while its debt burden continues to decline. At the same time, high debt, demographic pressures and productivity remain issues that the rating agencies will continue to watch.
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