Moody’s has upgraded the credit rating of the Municipality of Athens to Baa3 from Ba1, with a stable outlook. At the same time, the municipality’s baseline credit assessment (BCA) has also been upgraded to Baa3 from Ba1.

“This new upgrade is a testament to Athens’ strong fiscal position, effective financial management, and promising economic prospects for the future,” the municipality stated in its official announcement. It further noted that “Moody’s highlights that the city benefits from an improved economic environment and reduced exposure to systemic risks.”

According to the municipal administration, 2024 data indicate that Athens maintained a positive primary operating balance and a funding surplus, with expectations of continued positive balances in the coming years. Meanwhile, the city’s debt remains low, standing at approximately 22% of operating revenues by the end of 2024, with projections for further reductions by 2025.

“At the same time, the municipality’s strong liquidity profile ensures its stability and reliability, while Moody’s emphasizes that the upgrade is not based on expectations of state support, but rather on the financial independence and resilience of the municipality,” the announcement added.

“Athens continues to invest in infrastructure projects, green and digital transitions, and innovative initiatives that simultaneously strengthen its economic robustness. The credit rating upgrade confirms the city’s steady progress toward sustainable economic growth and fiscal responsibility, further solidifying its credibility and financial strength.”

Full Announcement

“The Municipality of Athens looks to the future with confidence, supported by positive evaluations that confirm its steady trajectory. Moody’s has upgraded the credit rating of the Municipality of Athens to Baa3 from Ba1, with a stable outlook, reaffirming the city’s continuous economic progress. The baseline credit assessment (BCA) has also been upgraded to Baa3 from Ba1.

This latest upgrade reflects Athens’ strong fiscal standing, effective financial governance, and potential for solid economic performance in the future.

Moody’s highlights that the city is benefiting from an improved economic environment and reduced exposure to systemic risks.

The 2024 financial data show that Athens maintained a positive primary operating balance and a funding surplus, with expectations of continued surpluses in the coming years.

Athens’ debt remains low, at around 22% of operating revenues at the end of 2024, with projections for further reductions by 2025.

Additionally, the municipality’s strong liquidity profile guarantees its stability and reliability. Moody’s stresses that the upgrade is not based on anticipated government support but on the financial autonomy and resilience of the city’s economy.

Athens continues to invest in infrastructure, green and digital transitions, and innovative projects that further bolster its economic resilience.

The credit rating upgrade reaffirms Athens’ steady path toward sustained economic development and fiscal responsibility, ensuring the city’s credibility and financial stability.”