Fitch has upgraded four Greek banks.

The agency upgraded Piraeus and Alpha Bank to BB with a positive outlook and National Bank and Eurobank to BB+ with a positive outlook. The latter two are one step away from investment grade, according to the house.

The upgrades mainly reflect Fitch’s improved assessment of the functioning of the Greek economy.

We expect, the agency says, that the Greek economy will continue to outperform the eurozone average.

This combined with falling unemployment and growth should help banks using the Recovery and Resilience Fund to finance profitable business opportunities.

The upgrades also reflect continued improvements in the four banks’ standalone credit profiles, a reduction in non-performing loans and improved profitability.

The positive outlook reflects Fitch’s expectation that its rating could improve further if positive macroeconomic trends continue. Banks’ credit profiles will continue to strengthen.