The credit rating agency Scope Ratings has confirmed Greece’s BBB rating and upgraded to positive from stable its outlook.
It is noted that the German house was the first to give Greece the investment grade in August 2023 and upgraded its rating within the investment grade in December 2024.
Improving the resilience of the Greek economy, maintaining fiscal discipline and reducing debt are the key drivers for Scope’s decision to revise the outlook to positive.
High debt, structural constraints to growth and a persistent external balance deficit remain key challenges, the house says.
The revised outlook reflects:
1) Improved resistance to external shocks. The Greek economy has shown steady growth and resilience to shocks in recent years, with growth of around 2% in 2025, higher than most other eurozone countries. Strong domestic demand, buoyant tourism and EU-funded investment under the NGEU program continue to support growth, while public administration, tax and labor market reforms are boosting competitiveness. The banking sector has been further strengthened, enhancing financial stability.
2)Strong debt dynamics supported by prudent fiscal management. Greece’s public finances continue to exceed fiscal targets, with a general government surplus of around 0.6% of GDP and a primary surplus of close to 3.6% projected for 2025. The debt-to-GDP ratio is expected to decline from around 145% in 2025 to 122% in 2030, thanks to conservative budgeting, strong revenue performance and a moderate nominal GDP growth. The government maintains a substantial cash reserve of around €42bn (around 17% of GDP) and benefits from a long-term and low-cost debt structure.