S&P ups Greece to investment grade

S&P said it raised its long-term foreign- and local-currency sovereign ratings for Greece to BBB- from BB+.

“Supported by a very rapid economic recovery, the Greek government has been able to regularly outperform its own budgetary targets despite gradually increasing social transfers. We expect the government will achieve a primary surplus of at least 1.2% of GDP this year, exceeding its 0.7% target, even considering the material budgetary cost associated with the recent wildfires and floods,” the agency said in a press release.

S&P said it projects Greece will deliver an average primary budget surplus of 2.3% of GDP over 2024-2026.

The outlook is stable.

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