Fitch upgrades Greece

Fitch Ratings said it upgraded Greece's long-term foreign-currency issuer default rating to BB+ from BB.

“Fitch now expects better deficit and debt outturns and projections in 2022-2024, thanks to stronger nominal growth, budget over-execution and a favorable debt-servicing structure. We forecast a further narrowing of the general government deficit to 1.8% of GDP in 2024 from an estimated 3.8% in 2022, in part due to streamlining of temporary support measures,” the agency said in a press release.

Additionally, the agency said it forecasts GDP growth to hit 0.9% in 2023 and 2.3% in 2024.

The outlook is stable.

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