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Athens Macedonian News Agency: News in English, 12-12-18

Athens News Agency: News in English Directory - Previous Article - Next Article

From: The Athens News Agency at <http://www.ana.gr/>

CONTENTS

  • [01] S&P raises Greece's credit rating to B-

  • [01] S&P raises Greece's credit rating to B-

    AMNA -- International rating agency Standard & Poor's on Tuesday raised Greece's sovereign credit rating to B-minus with a stable outlook from selective default, citing Europe's efforts to keep the country part of the euro zone. It also raised the country's short-term to B from selective default, indicating that the country is now starting to move gradually towards recovery.

    The upgrade, according to S&P, "reflects our view of the strong determination of European Economic and Monetary Union member states to preserve Greek membership in the eurozone."

    "The outlook on the long-term rating is stable, balancing our view of the government's commitment to a fiscal and structural adjustment against the economic and political challenges of doing so," the agency added.amna

    Standard and Poor's had cut the rating to selective default earlier this month after the Greek government invited private sector bondholders to participate in a debt buyback meant to help lower the country's debt burden.amna

    Greece's outlook, S&P said, is now regarded stable following the government's commitment to fiscal and structural reforms despite financial and political challenges.

    Referring to fiscal consolidation, the rating agency said that this is based in tax hikes, improvement in tax collection, the extensive privatization programme and spending cuts.


    Athens News Agency: News in English Directory - Previous Article - Next Article
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