Greece’s credit rating could be upgraded to B, from CCC+ after completion of a first review of the Greek economic adjustment program, disbursement of loans according to a ESM schedule and probably combined with an ECB decision to begin accepting Greek state bonds as collateral again, Standard & Poor’s said on Thursday.

In a report on Eurozone Rating Trends 2016, S&P said that a stable outlook for Greece’s credit rating in the next 12 months showed that review risks were balanced.

“A successful implementation by Greece of program elements would probably contribute to enhancing its compressed dynamic for investments and growth and could help the government to create a good will among its official creditors for a further debt restructuring,” S&P said, adding that “on the other hand, we could downgrade Greece’s credit ratings if the new government failed to implement reforms agreed in a memorandum signed with the European Commission”.

S&P expects the Greek economy to record zero growth rates this year and to grow by 3.0% in 2017 and 2018.