S&P Keeps Greece at BBB; Rating Agencies Signal Improved Credit Prospects

The US-based agency also maintained Greece’s short-term rating at A-2, leaving both assessments unchanged from its previous review in April.

S&P was the fourth of the five major credit rating agencies to review Greece during the second half of 2026.

In September, Scope Ratings upgraded Greece to BBB+ from BBB, with a stable outlook, while Moody’s affirmed its Baa3 rating and revised its outlook to positive from stable. DBRS Morningstar likewise upgraded its outlook to positive, maintaining its rating at BBB. Fitch is scheduled to complete the year’s review cycle on Nov. 6.

Debt reduction supports creditworthiness

S&P upgraded Greece to BBB from BBB- in April 2025, citing sustained fiscal performance and expectations of continued public debt reduction. Its latest decision comes as Greece seeks to consolidate the gains that secured its return to investment-grade status in 2023 after more than a decade below that threshold.

The country’s improved fiscal position, primary budget surpluses and economic growth have supported successive rating upgrades. Investment backed by European Union funding, including the Recovery and Resilience Facility, has also contributed to the growth outlook.

However, public debt remains among the highest in Europe, while external imbalances, dependence on imported energy, weak productivity and demographic pressures continue to weigh on the economy’s longer-term prospects.

Further rating improvements will depend on sustained fiscal discipline, continued debt reduction and structural reforms that strengthen competitiveness and potential growth. S&P’s stable outlook indicates that the agency does not currently anticipate a rating change over its usual outlook horizon, although future upgrades or downgrades remain possible.