Standard & Poor’s on Friday upgraded previously crisis-ridden Greece’s credit rating by one notch to BB- with a positive outlook. The agency added that another upgrade may follow in 2020.
S&P said a possible upgrade depends on the Mitsotakis government’s success in implementing economic reforms and in reducing a mountain of "bad debt" entailed in NPLs on Greek systemic banks’ balance sheets.
The BB- rating was accompanied by observations of reduced risks towards implementing the state budget as well as the recent abolition of remaining capital controls.
While an improvement, the "Big 3" ratings agencies still rate Greek debt below investment grade.
Greek PM Kyriakos Mitsotakis' official Twitter account subsequently Tweeted the following: "Greece’s sovereign debt rating upgrade by Standard & Poor’s proves that our economy is growing ever stronger. Our reform agenda aims to attract investment, create jobs, accelerate growth and further restore trust in our economy. And we are fully committed to it."