Standard & Poor’s imrpoved to credit rating of Greece

Noam Stiekema

The rating agency Standard & Poor’s (S&P) upgraded the rating of Greece from CCC- to CCC+ and the prospect of negative to stable. The S&P stresses that the possibility of the country leaving the Eurozone until 2018 decreased by 50 percent, but the risk still remains high. The decision of the rating agency reflects better […]

Standard Poors

Standard PoorsThe rating agency Standard & Poor’s (S&P) upgraded the rating of Greece from CCC- to CCC+ and the prospect of negative to stable. The S&P stresses that the possibility of the country leaving the Eurozone until 2018 decreased by 50 percent, but the risk still remains high. The decision of the rating agency reflects better liquidity prospects for the country after it reached an agreement in principle with its creditors and obtained a bridge loan to settle with the European Central Bank (ECB) and International Monetary Fund (IMF). The risk of default of Greece on its debt is no longer inevitable over the next six to twelve months mentioned by S&P.

However, the Agency believes that there is a risk the commitments that Athens took over, may not be met in the long term. S&P was the first rating agency raised its assessment for Greece after the agreement with creditors and the committed bridge loan from the European Stability Mechanism.

Today, the Prime Minister of the country Alexis Tsipras has to push through parliament a second legislative reform package agreed with its creditors as a condition to negotiate a third rescue program.

Meanwhile, the International Monetary Fund (IMF) replaced the head of its mission in Greece. After more than two years at the head of the mission in Greece Rishi Goyal will be busy with other responsibilities and will be replaced by economist Delia Velculescu, who worked with the Greek team in recent years. Delia Velculescu guided the IMF mission to Slovenia and Cyprus. The change in the Fund staff in Greece came a day after the decision of Athens to settle retroactive duty of 2 billion EUR to the institution, which gives right of access to a new loan.

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