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Moody’s Ratings on Friday revised its outlook on Greece’s sovereign credit rating to Positive from Stable while affirming the country’s long-term rating at Baa3, citing stronger-than-expected improvements in economic and fiscal resilience and greater confidence that structural reforms will continue to strengthen the country’s credit profile.

The agency said the change in outlook reflects increased upside potential for Greece’s credit profile as there is now more evidence that the authorities’ sustained focus on structural economic and institutional reforms is delivering results, strengthening economic and fiscal resilience by more than Moody’s had previously expected.

Moody’s said the developments could support higher structural growth rates and strengthen the government’s capacity to continue reducing public debt over the longer term, including through the early repayment of part of Greece’s crisis-era loans.

The agency also pointed to growing, although not yet fully established, confidence that recent fiscal gains will prove durable, alongside political consensus in favor of continued debt reduction. The affirmation of the Baa3 rating reflects Greece’s track record of reforms, a structurally favorable debt-servicing profile and the significant improvement in public finances.

Moody’s had previously maintained Greece at Baa3 with a Stable outlook. Its latest assessment follows a September revision that lowered its growth forecasts for Greece to 1.7% for both 2026 and 2027, from 2.1%, while continuing to cite strong fiscal performance, low debt-servicing costs, limited borrowing needs and sustained primary surpluses as credit strengths.

Scope Ratings Upgrades Greek Economy to BBB

Separately, Scope Ratings upgraded Greece’s long-term issuer and senior unsecured debt ratings to BBB+ from BBB on Friday, in both local and foreign currency, while revising the outlook to Stable from Positive. The action places Greece one notch above its previous Scope rating and brings the agency’s assessment into line with the higher rating level assigned by some other agencies.

Scope said the upgrade was supported by the rapid reduction in public debt, stronger fiscal sustainability and improved resilience and medium-term prospects for the Greek economy. The agency has nevertheless identified Greece’s still-high public debt, structural constraints on medium-term growth and external imbalances as key rating challenges. Its previous March assessment had highlighted sustained primary surpluses, a favorable debt structure and strong liquidity buffers as important supports for the sovereign rating.

The two rating actions mark a significant shift in the September assessment cycle. Moody’s has maintained the Baa3 rating but moved the outlook into positive territory, while Scope has raised its rating to BBB+ but moved its outlook from Positive to Stable. Greece therefore retains investment-grade status with both agencies, with the latest decisions reflecting continued progress in debt reduction and fiscal performance alongside persistent structural vulnerabilities.