Japanese rating agency Rating and Investment Information (R&I) on Monday revised its outlook on Greece's sovereign rating to positive from stable, citing continued economic growth, strong primary budget surpluses and a further decline in public debt.
R&I affirmed Greece's rating at BBB, saying structural reforms and stronger tax revenues are helping sustain sizeable primary surpluses, while public debt continues to fall. It also said the country's fiscal position is expected to improve further as spending remains constrained by European Union fiscal rules.
Greece's real GDP grew 2.1% in 2025, faster than the euro zone average, supported by private consumption, tourism and investment. R&I expects growth to remain close to 2% in 2026, before moderating to around 1% from 2027.
The agency said progress in reducing non-performing loans has strengthened the banking sector, while greater domestic deposits have improved liquidity.
Greece's primary budget surplus exceeded 4% of GDP, while the government debt-to-GDP ratio remains on a downward path. R&I expects the primary surplus to remain positive in the coming years.
The agency said Greece's rating could be upgraded if the government that emerges from the July 2027 elections confirms that economic recovery and fiscal consolidation will continue.
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