The Greek economy is under the microscope of the rating agencies, as the first ratings for 2025 begin.

The Ministry of Finance estimates that 2025 will be a year of new upgrades, due to the continuation of the strong growth performance of the economy, the unhindered absorption of the resources of the Recovery Fund and the reforms that this entails, as well as the high primary surpluses recorded in the budget.

The dance of ratings will open on March 7 by Canada's DBRS, which upgraded the outlook for the economy from "stable" to "positive" last September. Recently, the agency stressed in its analysis that the Greek economy has shown remarkable resilience despite multiple shocks (pandemic, energy crisis) and remains on the path of sustainable growth.

DBRS gave Greece investment grade status in September 2023 (BBB with a stable trend) and in September 2024 upgraded the trend to positive, thus raising expectations for a new upgrade of Greek debt this year. If this does not come in March, there will be another possibility with the agency's new rating on September 5.

Moody's rating critical

This will be followed, a week later, on March 14, by Moody's, which upgraded the prospects of the Greek economy from "stable" to "positive" in September.

Moody's is the only one of the five ECB-recognized agencies that has not yet given investment grade to Greece, but this year may be the year that happens, given that its rating is a step down (Ba1) and last September revised the outlook to positive. Moody's second review this year will take place on September 19.

Rating agency Moody's last September revised the outlook for the country's credit rating (Ba1) to positive from stable, pointing to better-than-expected budget execution and an improvement in the banking sector.

On April 18, it will be Standard & Poor's turn to announce its own rating.