Standard & Poor’s financial services company has announced that it has upgraded Greece’s sovereign credit rating to ‘B+’ from ‘B’ and has assigned a stable outlook. In its report, S&P states that Greece’s credit rating was hastened as a result of the announcement regarding a significant cash buffer and of the additional debt relief decided by Eurogroup.

In addition, S&P would consider a further upgrade of the rating, provided that the political environment becomes more predictable, direct foreign net investments are increased and progress is made in reducing non-performing loans of the bank system. The next announcement on Greece’s rating is scheduled for July 20, 2018.