S&P upgrades Greece’s rating to B-

Rating agency Standard & Poor’s decides to upgrade Greece's rating to B- from CCC+ keeping stable outlook

Photo by: Reuters
Photo by: Reuters

A man passes a board showing the decline of Straits Times Index (STI), Dow Jones Industrial Average (DJIA) and the Standard and Poor's (S&P) index at the central business district in Singapore, January 18, 2016.

Standard and Poor's on Friday raised its credit rating for Greek debt by one notch, saying it expected Athens to meet the conditions attached to the latest bailout package.

Greece's sovereign rating went up to B- from CCC+, which removes it from the range of being vulnerable to default.

"By the end of March, despite differences between the government and its creditors, we expect Greece to meet the conditionality attached to its 86 billion euro financial support programme, opening the way for discussions on official debt relief," the rating agency said.

Greece has recapitalised its large banks and made progress on budget consolidation, it noted.

"Despite multiple shocks, the economy has proved more resilient than we previously expected," it said.

The outlook for the rating is stable, Standard and Poor's said.