A key factor in improving Greece’s credit profile in recent years, is the progress made in implementing reforms according to the adjustment program and agreed with Greek official creditors, says Moody’s rating agency in a statement regarding Greece’s upgrade from “B3” to “B1” with a stable outlook.

Greek economy, Moody’s statement continues, has become significantly more open in recent years, with exports now rising to 37% of nominal GDP in the third quarter of 2018 from 22% in 2010.

Competitiveness has improved significantly due to a major reduction in labor costs, while exports of both products and services, have rapidly increased in 2018.

Regarding the reforms, Moody’s notes that they have been boosted lately which is a positive step towards bringing in foreign know-how, capital and investments, as well as improve competition in domestic markets.