Press Release|Sovereigns

KBRA Affirms BBB-/K3 Ratings for the Hellenic Republic; Positive Outlook

24 May 2024   |   Dublin


KBRA Europe affirms the Hellenic Republic's long-term issuer ratings of BBB-. KBRA also affirms the short-term ratings of K3. The Outlook on the long-term rating 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 benefits to its debt profile based on euro area membership. The ratings also reflect not just its high public debt but also the sharp pace of fiscal consolidation and debt reduction in recent years. In KBRA’s view, the profile of Greek debt mitigates concerns, with a large and affordable official creditor component. The Greek economy is now exhibiting a strong recovery after a very turbulent period following the Global Financial Crisis and Greek debt crisis thanks to pronounced fiscal austerity and the post-default environment. Notably, employment and growth have outperformed and a meaningful internal devaluation has helped improve macro prospects. The Positive Outlook reflects KBRA’s view that Greece will continue to make progress on fiscal consolidation, while also benefit from strengthening Euro Area coordination. The National Recovery and Resilience Plan supports strengthening creditworthiness. These funds, coupled with ongoing structural reforms, have the potential to lift growth and make government finances more resilient. A stable political environment also underpins the Outlook.

To access rating and relevant documents, click here.

Click here to view the report.



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

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) is a full-service credit rating agency 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 by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider. Kroll Bond Rating Agency Europe is located at 6-8 College Green, Dublin 2, Ireland.

Doc ID: 1004448

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