Fitch Ratings, one of the world’s leading credit rating agencies, has upgraded Greece’s Operating Environment (OE) assessment to ‘BBB’ from ‘BBB-’, with a stable outlook — a move widely seen as a strong vote of confidence in the resilience and prospects of Greek banks.
Stronger Foundations for Banking Sector
The upgrade reflects significant improvements in the operating conditions for Greek banks, driven by the country’s economic resilience, growing business opportunities, and favourable financing conditions. Fitch highlighted Greece’s higher-than-average GDP per capita relative to other ‘BBB’-rated countries, as well as governance indicators that slightly exceed the median for this rating tier. It also cited Greece’s credible policy framework — reinforced by its membership in both the European Union and the eurozone.
Sustained Economic Resilience
Greece continues to demonstrate notable economic resilience, posting growth rates above the EU average. For the 2023–2025 period, annual GDP growth is projected at just over 2%, despite ongoing geopolitical tensions and disruptions to global trade flows.
Healthy Corporate Lending Landscape
Fitch notes that the quality of banks’ corporate loan portfolios remains satisfactory. Greek businesses show restrained borrowing, and banks’ largest exposures are concentrated in key domestic sectors — including energy, shipping, manufacturing, services, and tourism.
Prudent Lending Standards
Lending criteria remain generally strict and are supported by supervisory measures from the Bank of Greece. Risks linked to government support programmes are considered manageable, according to the agency.