# Greece’s Growth Supports Larger Role for European Rating Agencies

By Enna Lee

Canonical URL: https://www.tokenpost.com/news/investing/27898
Published: 2026-10-08T09:37:33.000Z
Updated: 2026-10-08T09:37:33.000Z
Section: Investing

> Real GDP expanded 1.9% year over year in the second quarter, outpacing euro-area growth of 1.2% as sovereign spreads narrowed.

Greece’s economy grew faster than the euro area in the second quarter, while narrower sovereign spreads and fiscal improvements strengthened the case for a larger role for European credit-rating agencies.

Real gross domestic product in Greece increased 1.9% year over year in the second quarter of 2026, compared with 1.2% growth across the euro area. Greek sovereign spreads were about 60 basis points lower than on Aug. 4, 2023, when Scope Ratings upgraded Greece to investment grade.

Restoring investment-grade status could reduce Greek government bond spreads against German Bunds by about 70 basis points. Greece had lost investment-grade status during its sovereign-debt crisis before regaining it through a series of rating upgrades in 2023.

“What we are witnessing in Greece is a change in mindset,” Bank of Greece Governor Yannis Stournaras said at Scope Ratings’ annual meeting in Athens on Sept. 24.

Stournaras linked Greece’s improved credit profile to fiscal consolidation, repairs to the banking system, a better business environment and continuing reforms. The stronger economic performance and fiscal progress have supported investor confidence.

He also said European rating agencies could play a larger role as European markets rely more heavily on private and market-based financing. The European Central Bank accepted Scope Ratings GmbH as an external credit assessment institution on Nov. 2, 2023.

The ECB’s framework lists Scope Ratings alongside Morningstar DBRS, Fitch Ratings, Moody’s and S&P Global Ratings as accepted external credit assessment institutions. The framework is used to evaluate the credit quality of assets that may be eligible as collateral in Eurosystem monetary-policy operations.

Accepted agencies remain subject to ongoing due diligence, and their ratings are not used mechanically.

Stournaras cautioned against treating Greece’s recent progress as a signal about future ratings.

“This should not be interpreted as a prediction of future rating decisions,” he said.