Press Release|Sovereigns
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KBRA Affirms BBB/K2 Ratings for the Hellenic Republic; Positive Outlook

22 May 2026   |   Dublin

Contacts

KBRA Europe (KBRA) affirms the Hellenic Republic's (Greece) long-term issuer ratings of BBB. KBRA also affirms the short-term issuer ratings of K2. The Outlook on the long-term ratings is Positive.

This credit rating is an unsolicited credit rating.
With Rated Entity or Related Third-Party ParticipationNo
With Access to Internal DocumentsNo
With Access to ManagementNo

KBRA’s credit ratings for Greece reflect the country’s substantial fiscal and economic improvement in recent years. The sovereign now benefits from a sound government financial position, a manageable and largely concessional debt structure, resilient growth momentum underpinned by rising private investment, and employment. Structural reforms - spanning tax compliance, digitalisation, and the judicial and insolvency frameworks - have enhanced the business environment and improved the economy’s capacity to withstand shocks. These gains have been supported by the effective use of European Union (EU) recovery funds and an improved banking system that has returned to profitability. At the same time, Greece continues to face structural challenges, including a large though declining public debt burden, persistent external imbalances reflected in a still-wide current account deficit, and exposure to external shocks, including geopolitical tensions and energy-price volatility. Questions also remain around the sustainability of the current growth pace as EU funds gradually wind down. Nevertheless, the Positive Outlook captures expectations for continued fiscal discipline and rapid debt reduction, supported by primary surpluses, manageable interest costs, and strong policy credibility. Sustained private investment growth, ongoing reform implementation, and a stable political environment should further entrench Greece’s resilience and support its positive credit trajectory.

To access ratings and relevant documents, click here.

Click here to view the report.

Methodology

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

There are certain issuers, entities or transactions rated by KBRA Europe or KBRA UK that may be or have relationships with Shareholders and/or Shareholder-Related Companies, as that term is defined in KBRA’s Shareholder and Shareholder Related Companies for KBRA Europe and KBRA UK Policy and Procedure. Relevant disclosure information may be found here.

About KBRA Europe

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S. Kroll Bond Rating Agency Europe Limited is located at 2nd Floor, One George’s Quay Plaza, George’s Quay, Dublin 2, D02 E440, Ireland.

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