Standard & Poor’s upgraded Greece’s credit rating by one notch on Friday, bringing it closer to investment grade after more than a decade, with Prime Minister Kyriakos Mitsotakis saying it confirms market confidence in the economy .
The US agency upgraded Greece’s rating from ‘BB’ to ‘BB+’, with a positive outlook, it said, noting that the rating decision “reflects our expectation of continued improvement in the effectiveness of Greece’s politics, while the fallout from the war in Ukraine looks manageable in light of the sizable buffers in the private and public sectors.
“Our expectation that Greece’s budgetary buffers and the proven effectiveness of its policy will enable the country to absorb the indirect impact of the war in Ukraine on its economy and public finances,” the agency added.
“S&P’s upgrade, after two years of a pandemic and in the midst of a war, confirms market confidence in the Greek economy,” Mitsotakis tweeted.
“We are only a breath away from the coveted investment grade, a seal of credibility that will improve our country’s investment and growth prospects. We continue steadily with the same responsibility, the same focus and the same hard work for the home stretch,” he added.