Fitch Ratings reaffirmed Greece’s credit rating at BBB- with a stable outlook, maintaining the rating it had assigned six months ago.
In its announcement, Fitch noted that Greece’s ratings reflect higher-than-average per capita income levels and governance indicators among BBB rated countries, along with a policy credibility due to EU and eurozone membership.
It said that fiscal and long-term economic adjustment had accelerated in recent years, based on improvement of basic indicators and policy credibility.
However, the agency also highlighted the lingering effects of the sovereign debt crisis, including high – albeit gradually dropping – public debt, significant loss of economic production, low percentage rate of investments, persistent and high account deficit, and outstanding obligations of the banking sector.