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Greece, Government of -- Moody's announces completion of a periodic review of ratings of Greece, Government of

Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Greece, Government of

Global Credit Research - 04 Dec 2020

Frankfurt am Main, December 04, 2020 -- Moody's Investors Service ("Moody's") reviews all of its ratings periodically in accordance with regulations -- either annually or, in the case of governments and certain EU-based supranational organisations, semi-annually. This periodic review is unrelated to the requirement to specify calendar dates on which EU and certain other sovereign and sub-sovereign rating actions may take place.

Moody's conducts these periodic reviews through portfolio reviews in which Moody's reassesses the appropriateness of each outstanding rating in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. Since 1st January 2019, Moody's issues a press release following each periodic review announcing its completion.

Moody's has now completed the periodic review of a group of issuers that includes Greece and may include related ratings. The review did not involve a rating committee, and this publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future; credit ratings and/or outlook status cannot be changed in a portfolio review and hence are not impacted by this announcement. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.

The credit profile of Greece (issuer rating Ba3) is supported by the country's "baa3" economic strength, balancing higher wealth levels than peers at similar rating levels and improving growth prospects with the moderate size of the economy and still-important obstacles to sustained medium-term growth, given adverse demographics as well as low investment and savings rates. Greece's "ba2" institutions and governance strength takes into account challenges to the quality and efficiency of the judiciary as well as the 2012 debt restructuring, but also reflects strong momentum on the implementation of structural reforms that have already brought tangible progress in several areas. Fiscal strength of "ba3" reflects the government's very high debt burden balanced by a benign debt structure with low interest rates and very long maturities. Susceptibility to event risk, at "ba", is driven by risks related to the banking sector.

This document summarizes Moody's view as of the publication date and will not be updated until the next periodic review announcement, which will incorporate material changes in credit circumstances (if any) during the intervening period.

The principal methodology used for this review was Sovereign Ratings Methodology published in November 2019. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

This announcement applies only to EU rated and EU endorsed ratings. Non EU rated and non EU endorsed ratings may be referenced above to the extent necessary, if they are part of the same analytical unit.

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.

Steffen Dyck VP - Senior Credit Officer Sovereign Risk Group Moody's Deutschland GmbH An der Welle 5 Frankfurt am Main 60322 Germany JOURNALISTS: 44 20 7772 5456 Client Service: 44 20 7772 5454 Yves Lemay MD - Sovereign Risk Sovereign Risk Group JOURNALISTS: 44 20 7772 5456 Client Service: 44 20 7772 5454 Releasing Office: Moody's Deutschland GmbH An der Welle 5 Frankfurt am Main 60322 Germany JOURNALISTS: 44 20 7772 5456 Client Service: 44 20 7772 5454

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