Sovereign Debt Ratings Keep Proving Worthless
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Greece's Hellenic Republic debt has delivered a return of 14% over the past years, the highest among sovereign borrowers with investment-grade credit ratings. Greece was only upgraded to BBB- by S&P Global Ratings in October, demonstrating the futility of using traditional ratings of creditworthiness. Greece raised money at a lower cost than investment-grade rated countries on average. Market prices show Greece would be able to borrow right now at an interest rate about 18 basis points less than countries rated AA.

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https://www.bloomberg.com/opinion/articles/2024-02-07/sovereign-debt-ratings-keep-proving-worthless