Fitch Ratings affirmed Greece’s long-term foreign-currency issuer default rating at BBB, concluding the country’s scheduled credit assessments for 2026 while highlighting narrowing government debt and stronger economic growth than the eurozone average.
The decision leaves the national credit standing unchanged at BBB with a stable outlook. Ongoing improvements in public finances back the rating. Government debt falls faster than previously anticipated. Fitch noted that Greece maintains income per capita and governance indicators above the median for BBB-rated countries. A policy framework anchored in European Union and eurozone membership supports this position.
Surpluses Shrink National Debt
General government debt is projected by the agency to drop from 146.1% of gross domestic product in 2025 to 124.6% in 2028.
Primary budget surpluses drive the reduction. Active debt management, including early loan repayments and economic growth, further accelerates the decline. The agency forecasts a general government surplus of 0.6% of GDP in 2026. This contrasts with a projected median deficit of 3.1% among countries sharing the same rating tier.
Economic Expansion Outpaces Eurozone
Economic expansion in Greece is expected to average 2% annually over the 2026–2028 period. This pace outpaces the eurozone average. Private consumption and investment provide the primary momentum for that growth, according to Iefimerida.
The positive fiscal trajectory exists alongside lingering vulnerabilities. Those vulnerabilities include persistently high public debt, structural constraints on growth, and external imbalances. Fitch forecasts a current account deficit equivalent to 6.5% of GDP in 2026. Low domestic savings and import demand tied to investment drive that deficit.
Fitch Concludes the 2026 Rating Cycle
Friday’s announcement follows an earlier review. That review occurred on May 8, when Fitch also affirmed the rating at BBB with a stable outlook. Favorable financing conditions, improving debt dynamics, and a strengthened banking sector prompted that decision.
Other major agencies completed evaluations earlier. Scope Ratings upgrading Greece to BBB+ marked one such step. Moody’s maintained a Baa3 rating with a positive outlook. Morningstar DBRS held at BBB. Standard & Poor’s affirmed its BBB rating with stable prospects.
With the release of this assessment, Greece concludes its scheduled rating cycle for the year. Scope Ratings upgraded Greece to BBB+, yet Moody’s kept its Baa3 rating with a positive outlook as Fitch closed the calendar.