Stournaras targets single-A credit rating for Greece before 2030
Bank of Greece Governor Yannis Stournaras stated that Greek sovereign bonds trade closer to A-rated peers than BBB debt, speaking at the Scope Ratings annual meeting on September 24, 2026. He projected Greece could secure a single-A credit rating before 2030.
Pricing closer to single-A
According to Bank of Greece Governor Yannis Stournaras, Greek sovereign risk is priced by bond markets closer to A-rated sovereigns than to BBB-rated peers.
Greece's real GDP grew by 1.9 percent year on year in the second quarter of 2026, exceeding the euro area average of 1.2 percent.
Spreads against German Bunds are approximately 60 basis points lower than on August 4, 2023, when Scope Ratings restored Greece's investment-grade status.
Stournaras pointed to fiscal surpluses, lower political risk and falling debt ratios as key drivers of rating upgrades.
He outlined an objective to reach a single-A rating before 2030, supported by favorable debt dynamics and nominal GDP growth outstripping borrowing costs.
Courts halve decision times
Institutional credibility remains central to sovereign assessments.
Stournaras highlighted justice reforms where the average duration for a first-instance ruling decreased from 774 days to 357 days, based on JustStat data.
The Ministry of Justice targets alignment with European averages by 2027.
Faster court proceedings reduce legal uncertainty for investors.
Additionally, Greek corporations increasingly pursue credit ratings to access broader capital market financing under the European framework.
Optimism is not an upgrade
Market optimism cannot substitute for institutional endurance in agency scorecards.
While halving judicial delays addresses historical weaknesses, administrative reforms must still prove their durability.
Reaching single-A status by 2030 will test whether fiscal discipline survives political cycles.