In April 2025, the international rating agency S&P Global Ratings upgraded Greece's long-term and short-term sovereign credit ratings from "BBB-" to "BBB", noting the country's "unshakeable financial discipline." The rating outlook remains stable.
This increase reflects Greece's sustained efforts to improve tax administration and sustain economic growth, which has allowed the country to regularly exceed budget targets. S&P expects that in most scenarios, the ratio of net government debt to GDP will continue to decline, by an average of 6 percentage points per year over the next four years.
The agency also noted that the cash position of the Greek Public Debt Management Agency (PDMA) provides an additional safety cushion estimated at 15% of GDP, which covers almost three years of upcoming debt repayments.
S&P indicated that it could upgrade Greece's rating in the event of a significant improvement in external debt. the country's balance sheet, for example, with a reduction in the economy's dependence on imports or a significant reduction in external debt, most of which is government-owned. However, the agency also warned that a deterioration in budget performance could lead to a downgrade.
Greece has significantly exceeded its fiscal targets for 2024, and its fiscal trajectory is well established. The country's economy is expected to continue to outperform its eurozone counterparts, and the ratio of net government debt to GDP shows clear and continued improvement.
Regarding potential risks such as U.S. tariffs, S&P believes that the direct impact on Greece is manageable, given that direct exports of goods to the United States account for about 0.8% of GDP. However, given the significant dependence on trade with Germany and Italy, which are more susceptible to American tariffs, there may be indirect consequences for the Greek manufacturing sector and shipping.
This rating upgrade is an important step for Greece, confirming its efforts to restore financial stability and strengthen investor confidence after the 2010 crisis.