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Moody's downgrade of the Greek economy impacts on Athens' strong economic position

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23 Dec 2009

In a media release from the City of Athens, Athens has "succeeded in retaining its A1 rating as issued by Moody’s Investors Service, for the third consecutive year."

The City of Athens is the only Greek municipality and counts among the few municipalities in Europe to have earned such a high rating.

This is the highest possible rating a Greek organisation can attain at this point in time and is particularly significant because a. it has been achieved in the midst of a major economic crisis.

The state of the Greek economy, in which the City of Athens operates, is extremely problematic.

Despite the fact that City of Athens finances compare favourably to the environment in which they operate, according to the Moody's latest study, the new downgrade of the Greek economy’s credit rating brings about an automatic downgrade of the City of Athens’ rating.

According to the press releases from the City of Athens, "This is due to Moody’s methodology that according to which local government can not sustain a higher rating than that of the state."

"No local government authority in the world, evaluated by Moody’s, bears a higher rating than that of their national economy." writes the press release.

Adding, "In the case that the Greek economy recovers, the City of Athens will regain its A1 rating."

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