Fitch Ratings has upgraded Greece’s credit standing to “B-“ from “CCC”, with positive outlook. “General government debt sustainability will steadily improve, underpinned by on-going compliance with the terms of the European Stability Mechanism (ESM) program, and reduced political risk, sustained GDP growth and additional fiscal measures legislated to take effect through 2020”, reads the announcement by Fitch.

The Positive Outlook reflects Fitch’s expectation that the third review will be concluded without creating instability and that the Eurogroup will grant substantial debt relief to Greece in 2018, according to the announcement. It is also stressed that Greece’s public finances are improving and the economy is gradually recovering.