Greece’s Public Debt Management Agency (Public Debt Management Agency) has approved the fees to be paid to S&P Global Ratings for the continuation of sovereign credit rating services for the country, covering the period from November 1, 2025 to October 31, 2026.
Under the decision, the Greek government will pay S&P a fixed base fee of €59,500 for the year. In addition, the agreement includes a variable, cumulative fee linked to Greece’s bond issuance activity during the same period. This variable fee is not calculated per individual bond sale but is instead based on the total nominal value of all new bond issuances carried out up to October 31, 2026.
Specifically, for total issuances of up to €200 million, the cumulative fee is set at 0.0750%, equivalent to €150,000. For issuance volumes between €200 million and €1 billion, the fee rate is 0.0462%, bringing the total payment to €519,600. The same percentage applies to total issuances between €1 billion and €2 billion, resulting in a fee of €981,600.
For issuance volumes ranging from €2 billion to €3 billion, the rate falls to 0.0433%, with the cumulative fee reaching €1.4146 million. Issuances between €3 billion and €4 billion are charged at a rate of 0.0380%, corresponding to €1.7946 million. The same 0.0380% rate applies to total issuances of €4 billion to €5 billion, raising the cumulative fee to €2.1746 million. For issuance volumes between €5 billion and €10 billion, the fee is reduced further to 0.0231%, with total payments amounting to €3.3296 million.
Following Greece’s recent €4 billion 10-year bond sale, the fee payable to S&P has already reached €2.1746 million under the terms of the agreement.
