S&P Upgrades Greek Debt to ‘B’

September 12th, 2014
in News, econ_news, syndication

Written by

Standard & Poor's upgraded its debt rating for Greece on Friday, up from B minus to B, with a stable outlook for the rating. S&P had an optimistic forecast on Greece's economy, predicting a slow recovery in 2014 after seven years of continuous economic downturn.


Follow up:

From CNBC.com:

"'The outlook is stable, balancing our view of Greece's progress in fiscal consolidation against its still-weak economic recovery and political resolve to continue with structural and institutional reforms,' said S&P in a news release on Friday."

As a credit-rating agency (CRA), S&P provides credit ratings for the debt of private and public companies as well as governments and government entities. According to their website, their credit ratings "express the agency's opinion about the ability and willingness of an issuer, such as a corporation or state or city government, to meet its financial obligations in full and on time." Greece's current long-term sovereign credit rating of B indicates "more vulnerable to adverse business, financial and economic conditions but currently has the capacity to meet financial commitments."

Greece was one of the many countries involved in the aftermath of the 2008 financial crisis. In 2010, Greece received a "junk" rating on its debt and subsequently became locked out of private capital markets. The country then received a bailout from the rest of Europe and the International Monetary Fund totalling 240 billion euros.

Below is Greece's annual GDP growth rate, which shows a possibility of finally crossing the zero mark in the near future.


Make a Comment

Econintersect wants your comments, data and opinion on the articles posted.  As the internet is a "war zone" of trolls, hackers and spammers - Econintersect must balance its defences against ease of commenting.  We have joined with Livefyre to manage our comment streams.

To comment, just click the "Sign In" button at the top-left corner of the comment box below. You can create a commenting account using your favorite social network such as Twitter, Facebook, Google+, LinkedIn or Open ID - or open a Livefyre account using your email address.

 navigate econintersect.com


Analysis Blog
News Blog
Investing Blog
Opinion Blog
Precious Metals Blog
Markets Blog
Video of the Day


Asia / Pacific
Middle East / Africa
USA Government

RSS Feeds / Social Media

Combined Econintersect Feed

Free Newsletter

Marketplace - Books & More

Economic Forecast

Content Contribution



  Top Economics Site

Investing.com Contributor TalkMarkets Contributor Finance Blogs Free PageRank Checker Active Search Results Google+

This Web Page by Steven Hansen ---- Copyright 2010 - 2016 Econintersect LLC - all rights reserved