After recent reports regarding the outlook of the Greek economy, Fitch Ratings announced on Friday that it has upgraded the credit rating of Greece from a “B–” to a “B”. This is the first credit rating upgrade for Greece since the confirmation of the primary surplus and return to the credit markets.
According to international press reports the decision to upgrade Greece’s credit rating was taken by the relevant committee on Wednesday. Other credit rating agencies, such as Standard & Poor’s and Moody’s, have given Greece lower ratings.
The Minister of Finances Yannis Stournaras was asked by journalists to comment on this development on his way out from the PM’s office. Mr. Stournaras claimed that Fitch Ratings is one of the strictest credit rating agencies; as such, its revised rating indicates that the Greek people’s sacrifices are being recognized internationally and therefore”we must safeguard” the rating.
