The Municipality of Athens in BAA3 from BA1, with steady prospects, was upgraded by Moody’s. At the same time, BAA3 Basic credit rating (BCA) was upgraded by BA1.

“The new upgrade is an indication of Athens’ strong fiscal position, effective financial management and the prospect of strong economic figures in the future,” the municipality said in a statement, adding that “Moody’s points out that the city benefits from the improved economic environment and reduced exposure to systemic environmental exposure.”

As stated by the Municipal Authority, 2024 figures show that Athens had a positive primary operating balance and a surplus of funding, with expectations for continued positive balances in the coming years, while Athens’ debt remains low, reaching about 22% of operating revenue by 2024.

“At the same time, the powerful liquidity profile of the Municipality guarantees its stability and credibility, while Moody’s stresses that the upgrade is not based on state support expectations, but on the autonomy and durability of the municipality’s finances,” the municipality said in a statement:

“Athens invests in infrastructure projects, green and digital transitions and innovative actions, which at the same time enhance its economic health. The upgrading of credit rating confirms Athens’ steady course towards continuous economic growth and fiscal responsibility, further ensuring the credibility and financial strength of the city. “