The announcement by the four largest Greek banks of an interest rate cap on performing domestic retail mortgages does not affect the banks’ ratings, Fitch Ratings says. The measure will restrict the benefit to profitability from higher interest rates but will support asset quality by limiting payment pressure on borrowers.

The eyes of the government financial staff are focused on Greece's meeting with the Fitch rating agency today. Some analysts are not ruling out an upgrade to 'BB+', although the odds are leaning towards the ratings agency waiting until national elections, which are scheduled to be held by July. The government has set a target for the upgrade within 2023 and analysts' expectations put the time frame after the summer as the target. The main reason is the increased likelihood of consecutive elections due to the change in the electoral system, which increases electoral uncertainty and scenarios for a third round at the polls.

Fitch maintained Greece's credit rating two notches below investment grade, maintaining the positive outlook.