The international media have welcomed with positive comments the upgrade of Greece’s credit rating to ‘B’ from ‘B-‘ with stable outlooks and the upgrade of the Country Ceiling to ‘BB’ from ‘B+’ by Fitch.

In today’s publications, the international news agencies stress that the upgrade strengthens the country and Samaras’ Government, but they also mention the risk of political instability.

Specifically, according to Reuters, “the positive comments are a likely boost for Prime Minister Antonis Samaras’s government before it faces its first major electoral test in local and European Parliament elections on Sunday since it came to power two years ago.”

However, Bloomberg underlines the risk of political instability that still exists in Greece, in view of the second round of local elections and European elections.

As the article specifically mentions, “if the leftist Syriza party wins the election on May 25, as opinion polls project, the blow may undo the coalition led by New Democracy and unravel the fragile progress toward stability.”

Wall Street Journal also stresses the same risks. More specifically, the journalist mentions that the upgrade comes as Greece prepares to go to the polls Sunday for European parliamentary elections and that the country could be headed for a fresh bout of political instability, depending on how the two parties forming the coalition government – New Democracy and Pasok – perform this weekend.

“Though the results won’t alter the coalition’s narrow two-seat majority in Greece’s 300-seat legislature, they will be symbolic for both the government and the main opposition party, the Syriza leftists” says WSJ.

At the same time, Associated Press reports that the upgrade is a boost for the country that has been struggling through a devastating financial crisis for the past four years.