S&P upgrades Greece by one notch to ‘B’

S&P Global Ratings on Friday raised Greece’s foreign and local currency long-term sovereign credit ratings to ‘B’ from ‘B-’, citing improvements in the finances and fiscal outlook for the debt-laden nation.

“Our ratings on Greece are supported by the unusually low cost of servicing much of its general government debt burden and official creditors’ ongoing support in the form of very long-dated concessional loans and debt relief,” S&P said.

The credit ratings agency, which maintained a “positive” outlook on Greece, said it could consider a further rating upgrade if the country builds up liquidity buffers to pre-finance future government debt repayments upon its exit from the third Economic Adjustment Program.