Αssociated Press reports that Greece moved closer to investment grade late Friday after Standard & Poor’s upgraded its sovereign rating for the debt-strapped country by one notch to BB from BB- with a positive outlook.
“The upgrade reflects our expectation of a rapid improvement in Greece’s economic and budgetary performance as the adverse impacts of the COVID-19 pandemic subside,” the ratings agency noted.
It fell into junk status in 2010 as the country sought its first of three successive international bailouts from other eurozone members and the IMF.
Most of its debt is still held by bailout creditors which have provided generous repayment terms but its recovery was cut short by the pandemic, swinging back into recession with a 8.2% contraction of GDP last year.
S&P pointed out that massive economic support from EU recovery funds and a continued commitment to reforms by the government despite the crisis were hopeful signs.
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