In upgrading his credit rating Municipality of Athens in Ba1 from Ba3 Moody’s proceeded on Tuesday 19/09/2023, changing the outlook to stable from positive.

This is the 3rd upgrade in the last four years, which reflects the healthy fiscal position of Athens. Once again, in the most official way, transparency, efficiency and respect in the management of the finances of the Municipality of Athens are reflected. This management, among other things, led to the reduction after many decades of 5% of the rate of municipal cleaning and lighting fees last year for everyone, – households and professionals – and will lead to a new horizontal reduction of 5% for everyone.

On the occasion of the upgrade of the municipality’s credit rating by Moody’s, Mr Mayor of Athens, Kostas Bakoyannisemphasized:

“It is very positive news that Moody’s is upgrading us for the 3rd time during our tenure, and indeed by 2 notches. And it is very good news, not because we intend to borrow, but because with this upgrade an official stamp is placed on the good financial management of the Municipality of Athens and certainly on transparency. The Moody’s Report stands by our investment program, which is designed to address the climate crisis. It’s that famous climate clause that we keep putting forward. The even better news is that we can now reduce council charges by an extra 5%. We have already reduced them by 5% in 2022. For all and sundry. The good financial situation of the municipality returns as it should to the Athenians”.

As the international rating agency notes, the investment program of Athens in the coming years will be financed by 85% from national and community resources and therefore the pressure on the income-expenditure balance will be limited.

In the same report, it is stated that the city’s debt is low, reaching from 26% in 2021 to 19% of operating income in 2025, while due to high reserves there is no risk of refinancing to service it.