S&P Global Ratings on Friday raised the rating on Greek government debt by a notch citing the improved outlook for the crisis-stricken country's finances and economic growth. The rating on Athens' long-term debt was improved to "B" from "B-" with a positive outlook, which means the ratings agency could raise the grade further in the next year.
"The upgrade reflects Greece's steadily improving general government finances and its gradually recovering economic prospects," S&P said in a statement. The agency notes the government had budget surpluses in 2016 and 2017 and "the economy exited a multiyear recession last year."
S&P projects Greece will see its economy grow two percent this year. However, the agency cautioned that it could revise the outlook "if there are large policy shifts that reverse the reform process, or if growth outcomes are significantly weaker than we expect."
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