Listen to the news

The international rating agency Standard & Poor's raised Greece's economic outlook from "stable" to "positive" and reaffirmed the country's rating at "BB+", which is one notch below investment grade, BTA reported.

Standard & Poor's upgraded Greece's rating from 'BB' to 'BB+' in April 2022.

Greece's structural reforms and economic resilience, as well as support from the EU, have improved public finances and the stability of the financial sector.

Greek Prime Minister: Our country can regain its investment rating in 2023 if voters believe us

"Following the fastest fiscal adjustment in the EU in 2022, Greece's primary balance has returned to surplus and we expect further fiscal improvements in the coming years," Standard & Poor's added in a statement.

Investment rose to 21% of GDP at the end of 2022 – a rise of 9 percentage points over the past three years, the agency also noted, adding that “we expect this trend to continue thanks to the €30.5 billion available from the Fund for recovery and sustainability for Greece.

We have therefore revised the outlook for Greece from stable to positive, confirming the BB+/B rating."

Greece's economy has "turned the page", Greek Finance Minister Christos Staikouras said, hailing the improvement in Greece's economic outlook and adding that Standard & Poor's "became the second international rating agency in 2023 to place the country half a notch ahead of the investment rating".

Credit rating agency Fitch upgraded Greece's rating from BB to BB+ in January.

Greece

Standard & Poor's

economic perspective