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Standard & Poor's: Greek economy 4 units under investment grade

Featured Standard & Poor's: Greek economy 4 units under investment grade

Yet another resounding slap in the face for the Greek economy was given as Standard & Poor's maintained its credit rating at Grade B +, dispelling once again all the government's stories of investors and exit to markets.

S&P had in fact announced on Tuesday in its report on the eurozone that it was not going to upgrade the rating of Greece, which is still four steps away from the investment grade (BBB- and above).

Slightly smaller distance separates Greece from the investment grade on the Fitch scale and much farther on the Moody's scale: the first places Greece three steps away from the investment class (BB) and is set to make its first  rating for 2019, on 8 February, and Moody's expects to upgrade on March 1, as it holds the lowest rating for Greece (B3, ie six steps below investment grade).

Last Tuesday, Standard & Poor's in its eurozone report predicted 2.2% growth in Greece this year and called for continued reforms, a reduction in the tax-free rate, a drastic deal with "red" loans, a complete lifting of capital controls and improvement of the business environment, in order to upgrade.

It also characterized Greek national elections as decisive for the further development of the economy.