DBRS keeps Greece at ‘CCC’ with a ‘stable’ outlook

Monday, May 15th, 2017
Last Update: 10:09

As part of the EU-required sovereign release calendar, DBRS issued a scheduled credit rating update, maintaining Greece at ‘CCC” with a ‘stable’ outlook.

Though DBRS acknowledges that the bailout’s 2nd review, on completion, will release an additional EUR7.4bn in funds and includes fiscal and structural measures that should support economic recovery, the credit rating agency remains concerned about long-term debt sustainability.

In addition, Greek banks’ weak asset quality and the high level of impaired loans constrain the banking system’s ability to support the economy and employment, DBRS also warned. So, in order to upgrade its rating, DBRS said it would require

a) continued cooperation between Greece and its official creditors to implement fiscal and structural reforms,

b) a clearer view of external financing beyond the current programme’s in August 2018 and, finally,

c) clearing of State arrears (which at the last available count, at end-March, stood at little over EUR5bn on a headline basis).

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