Greece: Sovereign credit ratings

(measure: Sovereign rating index and outlook, source: Standard & Poor's, Moody's, and Fitch)
* indicates monthly or quarterly data series

Sovereign credit ratings in Greece: The table shows the history of sovereign credit ratings. Click on the following link to see the values of Sovereign credit ratings around the world.

Agency Rating Outlook Date
Fitch BB- Stable 8/2019
Moody's B1 Stable 3/2019
Fitch BB- Stable 2/2019
Fitch BB- Stable 8/2018
Standard & Poor's B+ Positive 7/2018
Standard & Poor's B+ Stable 6/2018
Moody's B3 Positive 2/2018
Fitch B Positive 2/2018
Standard & Poor's B Positive 1/2018
Fitch B- Positive 8/2017
Standard & Poor's B- Positive 7/2017
Moody's Caa2 Positive 6/2017
Standard & Poor's B- Stable 1/2016
Moody's Caa3 Stable 9/2015
Standard & Poor's CCC+ Stable 7/2015
Moody's Caa3 Negative watch 7/2015
Standard & Poor's CCC- Negative 6/2015
Standard & Poor's CCC Negative 6/2015
Standard & Poor's CCC+ Negative 4/2015
Moody's Caa2 Negative 4/2015
Standard & Poor's B- Negative watch 2/2015
Moody's Caa1 Negative watch 2/2015
Standard & Poor's B Negative watch 1/2015
Fitch B Stable 11/2014
Fitch B Stable 10/2014
Standard & Poor's B Stable 9/2014
Fitch B Stable 9/2014
Moody's Caa1 Stable 8/2014
Fitch B Stable 8/2014
Fitch B Stable 7/2014
Fitch B Stable 6/2014
Fitch B Stable 5/2014
Fitch B- Stable 4/2014
Fitch B- Stable 3/2014
Fitch B- Stable 2/2014
Fitch B- Stable 1/2014
Fitch B- Stable 12/2013
Moody's Caa3 Stable 11/2013
Fitch B- Stable 11/2013
Fitch B- Stable 10/2013
Fitch B- Stable 8/2013
Fitch B- Stable 7/2013
Fitch B- Stable 6/2013
Fitch B- Stable 5/2013
Standard & Poor's B- Stable 12/2012
Standard & Poor's CCC Negative 8/2012
Standard & Poor's CCC Stable 5/2012
Fitch B- Stable 3/2012
Standard & Poor's CC Negative 7/2011
Moody's Ca Negative 7/2011
Standard & Poor's CCC Negative 6/2011
Moody's Caa1 Negative 6/2011
Standard & Poor's B Negative watch 5/2011
Moody's B1 Negative watch 5/2011
Fitch B+ Negative 5/2011
Standard & Poor's BB- Negative watch 3/2011
Moody's B1 Negative 3/2011
Fitch BB+ Negative 1/2011
Standard & Poor's BB+ Negative watch 12/2010
Moody's Ba1 Negative watch 12/2010
Fitch BBB- Negative 12/2010
Moody's Ba1 Stable 6/2010
Standard & Poor's BB+ Negative 4/2010
Moody's A3 Negative watch 4/2010
Fitch BBB- Negative 4/2010
Standard & Poor's BBB+ Negative 3/2010
Standard & Poor's A- Negative watch 12/2009
Standard & Poor's BBB+ Negative watch 12/2009
Moody's A2 Negative 12/2009
Fitch BBB+ Negative 12/2009
Moody's A1 Negative watch 10/2009
Fitch A- Negative 10/2009
Fitch A Negative 5/2009
Standard & Poor's A Negative watch 1/2009
Standard & Poor's A- Stable 1/2009
Fitch A Stable 10/2008
Fitch A Positive 3/2007
Standard & Poor's A Stable 11/2005
Fitch A Stable 12/2004
Standard & Poor's A Stable 11/2004
Standard & Poor's A+ Negative 9/2004
Fitch A+ Negative 9/2004
Standard & Poor's A+ Stable 10/2003
Fitch A+ Stable 10/2003
Fitch A Positive 10/2002
Fitch A Stable 6/2001
Standard & Poor's A Positive 3/2001
Fitch A- Stable 9/2000
Fitch BBB+ Positive 3/2000
Standard & Poor's A- Positive 11/1999
Fitch BBB Positive 8/1999
Standard & Poor's BBB Positive 11/1998
Moody's Baa1 Negative watch 2/1998
Standard & Poor's BBB- Positive 3/1997
Moody's Baa3 Positive watch 11/1996
Standard & Poor's BBB- Stable 3/1994
Standard & Poor's BBB- Positive 1/1993
Standard & Poor's BBB- Stable 7/1990
Moody's Baa1 Stable 7/1990
Standard & Poor's BBB Negative 3/1990
Standard & Poor's BBB Stable 6/1989

Definition: S&P includes long-term ratings from the highest AAA to the lowest D rating. Moody’s includes long-term ratings from the highest Aaa to the lowest C. Fitch includes long-term ratings from the highest AAA to the lowest D rating.

For all three credit rating agencies the ratings are divided into two large groups based on the level of credit risk: investment grade for lower levels of credit risk and speculative grade for higher levels of credit risk. For S&P and Fitch investment grade issues/issuers are those from BBB and above, while those from BB and below are categorized as speculative grade. Moody’s denotes as investment grade issues/issuers from Baa3 and above, while ratings from Ba1 and bellow fall to the category of speculative grade.

All three agencies include modifiers into to their generic alphabet-based ratings for particular ranges. S&P and Fitch ratings are modified with “+” or “-“ from the range AA to CCC. Moody’s appends numerical modifiers from 1 to 3 to the generic rating classifications from Aa to Caa. 1 indicates standing in the higher end of the generic category, while 3 indicates ranking in the lower end. All modifiers denote relative status within major rating categories.

Rating outlooks indicate the direction the rating is likely to move over a one to two year period. In determining an outlook consideration is given to any changes in fundamental business conditions. Credit watch focuses on identifiable events that cause ratings to be placed under special surveillance.

Rating Outlooks/Watches for the three agencies are the following:

- Positive means that a rating may be raised
- Negative means that a rating may be lowered
- Stable means a rating is not likely to change
- When the fundamental trend has strong, conflicting elements of both positive and negative, the outlook/watch is denoted as Developing.

Credit watches do not include Stable watch because they are only event-driven and denote higher probability of change in the rating. Credit Outlooks and Watches are mutually exclusive.
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