S&P Global Ratings has upgraded Greece's sovereign credit rating outlook to positive, citing a reduction of debt burden, a surge in investments and efficient tax collection.
While Italy's credit rating remained stable, S&P said it expected the country's debt to decline gradually over the next few years, but added the risk of reforms being reversed could delay critical EU funding. Greece's credit rating was kept below investment grade at "BB+/B".
The Greek economy has made one of the strongest recoveries from the Covid-19 pandemic of any eurozone country, growing 8.4 per cent in 2021 and 5.9 per cent last year, with growth widely expected to remain above the eurozone average over the next two years. The country’s debt as a proportion of GDP fell from a peak of 206 per cent in 2020 to 171 per cent last year.
Source FT
