We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
Oil - US Crude
Wall Street
More View more
Real Time News
  • (#ASEAN Fundy Weekly) The US #Dollar appears to be back on the offensive against ASEAN FX such as the Singapore Dollar and Malaysian #Ringgit. The Philippine Peso gained. What does #USD face from here? $USDSGD $USDPHP $USDMYR $USDIDR - https://www.dailyfx.com/forex/fundamental/article/special_report/2020/04/06/US-Dollar-Back-on-the-Offensive-USDSGD-USDPHP-USDMYR-USDIDR.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/8CKptvL6Uz
  • This thread 😂 https://t.co/9nek6fXA1t
  • This is the best one of the thread. https://t.co/dXGZZVzww7
  • Negative yielding government bonds – What are they telling us? Find out from @nickcawley1 here: https://t.co/F6JuhmrvPT https://t.co/ZzbHAVT6RE
  • LIVE IN 30 MIN: In this session, Currency Analyst @ZabelinDimitri will analyze the cross-asset impact of geopolitical risks affecting markets in the week ahead. https://www.dailyfx.com/webinars/146770987
  • Join @ZabelinDimitri 's #webinar at 11:30 PM ET/3:30 AM GMT to find out how geopolitical risk will affect the markets in the week ahead. Register here: https://t.co/hsULxMNOtM https://t.co/jdzRaFJnaa
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Silver: 0.20% Gold: 0.06% Oil - US Crude: -3.63% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/GqKRXlbHQc
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.42% 🇳🇿NZD: 0.30% 🇪🇺EUR: 0.07% 🇨🇭CHF: -0.04% 🇬🇧GBP: -0.24% 🇯🇵JPY: -0.38% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/6yhR5FFtZw
  • LIVE NOW: Join DailyFX Senior Strategist @IlyaSpivak LIVE as he discusses the outlook for the financial markets in the week ahead! https://www.dailyfx.com/webinars/889679267
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 95.10%, while traders in US 500 are at opposite extremes with 68.84%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/gvtwxfEvLB
S&P Affirms Greek Credit Rating as B-/B With A Stable Outlook

S&P Affirms Greek Credit Rating as B-/B With A Stable Outlook

2017-01-21 00:03:00
Daniel Dubrovsky, Analyst

Talking Points:

  • S&P affirmed Greece’s credit ratings at B-/B and gave it a stableoutlook
  • The country is seen fulfilling its third economic adjustment program but with some lag
  • S&P sees the economy growing but with some fiscal allocation issues developing

Would you like to know more about trading currencies or commodities? Check out our DailyFX webinars.

Global credit rating agency Standard & Poor’s affirmed Greece’s short and long term foreign and local currency sovereign credit ratings at B-/B. The S&P also set a ‘stable’ outlook while mentioning risks to the assessment over the next 12 months as balanced.

The group noted that the Greek government is meeting the formal terms of the third financial support program which amounts to 86 billion Euros. While it anticipates that the country will continue to fulfill most of the current program’s conditions, there is anticipation for some considerable lags down the road.

The organization sees Greece’s economy growing on average 3 percent from 2017 to 2020, though that would still leave it about 15 percent smaller than its size in 2008. Economic growth over this time period is to be supported by tourism and a gradually improving jobs market. There was a mild statistical recovery in the second half of 2016 according to its measurements.

Despite the positive view of growth, S&P highlighted the economy remains fragile and its banking sector distressed. A big concern was about the pension system being operated at an unsustainably high deficit of close to 11 percent of GDP. This large amount of spending was reported as a major opportunity cost for fiscal resources that could have been diverted to health, education and the unemployed.

Additional comments from S&P:

  • IMF’s participation in the program is yet to be determined
  • Inclusion of Greek government securities in the ECB’s asset purchase program yet a certainty
  • Sees Greece’s investment amount below 10% of GDP in 2017
  • Outlook for investment remains constrained
  • The banking sector will remain impaired over the forecast horizon
  • Greece has the second highest debt-to-GDP ratio of all the sovereigns S&P rates coming in at an estimate 180%
  • Greece’s protracted economic crisis has weakened the country’s administrative capacity
S&P Affirms Greek Credit Rating as B-/B With A Stable Outlook

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.


News & Analysis at your fingertips.