Citi sees several rating upgrades for Greece in 2020

Citigroup anticipates multiple credit rating upgrades for Greece this year by the four main agencies (Moody's, Standard & Poor's, Fitch and DBRS Morningstar), estimating that the country will make four bond market forays to draw a total of 10 billion euros in 2020. It therefore appears that it will be a key year for Greece in its mission to reclaim investment grade, with Athens targeting the first half of 2021 for that goal.

Citi notes in a report that Greece and Portugal are expected to stand out this year, coming under the market spotlight as they are seen bagging the biggest number of rating upgrades, starting very early in the year.

For Greece in particular, Citi says it expects a substantial number of upgrades by the four agencies this year, helping the country climb up several credit rating notches, given its strong fundamentals, which will bring Greek...