Credit rating agencies

Greek government spokesperson Pavlos Marinakis said in an interview with Open TV on Tuesday that Greece has every reason to be optimistic over the acquisition of the country's investment grade status.

"Friday is one of the three crucial dates," he said, referring to the upcoming verdict on the Greek credit rating by DBRS Morningstar, "followed by October 23 and December 1."

Moody's anticipates a credit rating upgrade for Greece in a report of its investment service, and although it still places the country three notches below investment grade, this positive reading by the strictest of the rating agencies has its value.

The next rating decisions are by DBRS on September 8, Moody's on September 15, S&P on October 20 and Fitch on December 1.

The leading rating agency "Standard & Poor's" /S&P Global Ratings/ confirmed today the investment rating of Sofia Municipality of BBB with a stable outlook, which is equal to that of the country. This was announced by the press center of Sofia Municipality.

For rating agencies and major analysts, the story of Greece's debt regaining its investment grade after 13 years is one of the most compelling.

It is widely expected that Greek debt will finally return to investment grade for the first time since 2010. Some minor credit rating agencies have already gone ahead with the upgrade, though none of the "big four" - DBRS, Fitch, Moody's and Standard & Poor's - have done so yet.

Greece's debt attaining investment grade will likely happen, given its economy's progress, but that does not mean the bigger rating firms will do so in their next rating updates, Barclays notes. 

It added that they usually act prudently, rather than hastily. 

The decision late on Friday by German credit rating agency Scope Ratings to upgrade Greek debt to BBB-, that is, investment grade, comes on the heels of a similar decision by Japanese firm R&I and provides hopes that the "big four" ratings firms recognized by the European Central Bank - Fitch, Moody's, Standard & Poor's and DBRS - will move in the same direction, bestowing an investment

Japan gave an important vote of confidence to Athens, as its rating agency Rating and Investment Information (R&I) is now the first to attribute Greece investment grade, after the upgrade to BBB- with stable prospects (from BB+ with stable prospects previously) on Monday.

A huge surprise for Greece cannot be ruled out this summer. This has to do with a decision by the European Central Bank and concerns the inclusion of Scope Ratings in the group of rating agencies the ECB takes into account in its decisions.

The government's policy declarations a few days ago were in line with the expectations of rating agencies and are not seen as endangering the country's fiscal course and the prudent fiscal policy - with a focus on growth, investment and debt reduction - that is also the ticket to investment grade, analysts from Fitch, Moody's, S&P and DBRS have told Kathimerini.