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Fitch puts Greece back to investment grade

Credit ratings agency Fitch has put Greece back to investment grade, upgrading the country’s long-term foreign-currency issuer default rating (IDR) to “BBB-” from “BB+” with a stable outlook, Greek national news agency AMNA reported on Saturday.

Fitch Ratings issued the announcement late Friday night. It came after American rating agency Standard & Poor’s (S&P) reverted Greece to investment grade.

Fitch said the Greek rating also has a positive outlook, which may well mean a further upgrade is on the way for Greece.

So far, many major rating agencies have reinstated Greece’s investment grade. Besides Fitch and S&P, DBRS Morningstar, Scope Ratings and R&I have made the same move in recent months.

Currently, as to the Moody’s rating, Greece needs to take one more notch up to gain an investment grade. ■

Famagusta Gazette