In March 2025, Moody’s upgraded the credit rating of the Municipality of Athens to Baa3 with a stable outlook. In September 2025, the agency reaffirmed and confirmed this investment-grade rating, further strengthening the image of Athens as a city with sound financial management, strong resilience, and a clear developmental footprint.
The upgrade is based on the continuous fiscal progress achieved by Athens as the administrative and economic center of the country, as well as increased tax revenues, reflecting the growing local economy and enhanced tourism activity.
In 2024, the Municipality reported a positive operating balance and a financing surplus, a performance expected to be sustained in the coming years. Despite the fact that the institutional framework governing municipal operations is limited—due to choices made by the central government—the Municipality of Athens is being rewarded for its prudent financial management.
The international credit rating agency, Moody’s, highlights that environmental and social risks are being actively addressed through targeted investments and steady financial flows, which strengthens the city's resilience and social cohesion.
