The Canadian credit rating agency DBRS upgraded Greece’s long-term credit rating to “B” from “CCC”, while also upgrading the country’s rating outlook to “stable” from “negative”.
According to a DBRS announcement, the upgrade comes as a result of Greece no longer being considered to be in danger of exiting the Eurozone, as well as the expectation of a forthcoming new round of Greek debt restructuring.
DBRS said that Greece’s progress in the fulfillment of bailout memorandum – reform and adjustment – commitments shows that the international lenders of the country will possibly continue offering their support. “The slowdown in the shrinkage of the economy and the expectations that GDP will start growing again from the current year will assist Greece’s efforts in reducing its debt”, DBRS underlined.