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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.

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"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.


Standard & Poor's

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