Fitch Upgrades Greece to BB+, Sees Headline Inflation Falling to 5% in 2023
28 January 2023 - 10:02AM
Dow Jones News
By Stephen Nakrosis
Fitch Ratings on Friday said it has raised Greece's long-term
foreign-currency issuer default rating to BB+ from BB, adding the
country has a stable outlook.
Fitch said the upgrade reflects a number of drivers, including
improved fiscal outturns, reduced banking sector risks and stable
financing costs.
Fitch said it now expects "better deficit and debt outturns and
projections in 2022-2024, thanks to stronger nominal growth, budget
over-execution and a favourable debt-servicing structure." Fitch
also said it forecast a narrowing of general government debt, from
an estimated 3.8% in 2022 to 1.8% in 2024.
Headline inflation is expected to fall, from 9.3% in 2022 to 5%
this year and to 1.5% in 2024, in line with easing of energy and
other commodity prices as well as base effects, Fitch said. GDP
growth is seen reaching 0.9% this year and 2.3% in 2024, Fitch
said.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
January 27, 2023 17:47 ET (22:47 GMT)
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