Rating agency DBRS Morning star upgraded Greece’s long-term issuer rating to ‘BB high’ from BB and changed the trend to stable from positive, it said on Friday.
It also upgraded Greece’s short-term foreign and local currency issuer ratings to R-3 from R-4 and changed the outlook to stable from positive.
The upgrades reflect the rating agency’s view that Greece continues to progress economic reforms, remaining fully committed to fiscal consolidation.
“The economy grew by 8.3% last year and is now very close to its pre-pandemic level. Fiscal overperformance and cash management strategy led to liquid cash reserves remaining very high, currently around 41 billion euros ($45.33 billion),” it said.