Credit ratings for companies and individuals

All individuals and enterprises in Greece will be given a solvency rating, indicating their creditworthiness, which will be used in every future contract ranging from getting a loan to cooperating with a supplier.

The credit profile of each taxpayer and company will be determined by the Independent Authority for Credit Assessment, whose setup will be provided in one of the next few bills that Economy Minister Dimitris Papadimitriou submits to Parliament.

The new authority, according to the bill Kathimerini has seen, will also be able to operate as a consultant for the drafting of corporate sustainability reports in the context of the out-of-court workout mechanism for debt settlement. As a credit bureau, the authority will also be allowed to issue financial analyses, statistical studies as well as corporate restructuring plans.

One of the government’s main objectives is to offer solvent borrowers the chance to secure more favorable terms in future loan agreements based on their high ratings resulting from previous loan repayments.

The bill’s text has already been approved by the country’s creditors and has been submitted to banks for their opinions.

Source: ekathimerini.com