The Japanese rating agency Rating & Investment Information (R&I) has announced that it has upgraded Greece’s credit rating from “CC” to a “B-”, as it is pleased with recent developments and the rate of recovery.
According to R&I, while the public debt is still rather large, the current program that is being implemented suggests that there will be a significant improvement within the next couple years, bringing fiscal balance.
The Japanese rating agency notes that while the Greek growth rate may remain low, as a result of the long-term austerity plaguing the Greek economy, the risk of a serious disruption in the Greek economy and banking system is rather low.
