Improved ratings but “pockets” of financial distress will linger.
In 2020, a massive number of companies saw a deterioration in their ratings. After the macro improvement of 2021, most companies returned to their pre-COVID-19 ratings. However, we recorded a higher concentration at the edges of the distribution in 2021 compared to pre-COVID-19 (i.e. to ‘a’ and ‘d’ ratings).
Source: ICAP DATA.Prisma, ELSTAT, Piraeus Bank Research