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January 26, 2020

Fitch upgrades Greece credit rating

Business

January 26, 2020

ATHENS: Fitch Ratings on Friday upgraded Greece’s credit rating to ‘BB’ from ‘BB-‘, saying that GDP growth and fiscal prudence were leading to government debt remaining at sustainable levels.

The upgrade puts the Balkan country two notches below investment grade. The ratings agency also upgraded its outlook to “positive” from “stable” on expectations that general government debt would steadily drop on improved prospects of political stability and policy implementation after the July parliamentary election.

Greece, which implemented capital controls during the 2015 financial crisis, lifted them in September last year, paving the way to attract investment by restoring the free movement of capital.

The country’s fiscal progress is being monitored by the euro zone and the IMF, which together lent Athens more than 250 billion euros ($277.35 billion) during its decade-long debt crisis.