Greek debt securities are still classified as “non-investment grade” by the major rating agencies.
(Photo: dpa)
Athens Greek Finance Minister Christos Staikouras is feeling the effects of rising interest rates: borrowing is becoming more expensive. When the state debt agency PDMA raised 200 million euros on the market with a ten-year bond this week, the return was 4.4 percent.
For comparison: In July 2021, Greek ten-year bonds returned 0.6 percent. No other country in the euro zone is currently paying investors as high interest rates as Greece.
The former crisis country got rid of the aid loans in August 2018 and has been financing itself on the capital market again since then. But Greek debt is still classified as “non-investment grade” and “speculative investment” by the major rating agencies. Standard & Poor’s (S&P) rates the country BB+. The houses Fitch and DBRS give the grade BB, Moody’s rates the debtor Greece with Ba3.
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