File photo.
Morningstar DBRS has confirmed Greece’s credit rating at BBB with a Stable outlook.
The Canadian-based rating agency commented that the Stable outlook reflects its view that the risks to the country’s rating are balanced, while economic and fiscal developments remained favorable over the past year.
“Fiscal developments benefitted not only from cyclical tailwinds, but also from structural reforms which raised tax compliance and, as a result, bolstered public revenues,” Morningstar said in its report.
It added that “Greece’s BBB credit ratings are underpinned by the improved financial condition of the domestic banking sector, the country’s credible policy framework, and its membership of the European Union and euro area.”