S&P Global Ratings raised Greece’s credit rating by one rung to B from B- on Friday, marking the first time S&P has upgraded the country’s sovereign debt in two years. The outlook was kept positive, which implies another upgrade is likely. The sovereign bond rating is still 5 notches below investment grade. “Greece’s growth and fiscal outlooks have improved alongside a labor market recovery and amid a period of relative policy certainty,” S&P said. Investor reaction to the announcement is likely to show up later next week as European markets were closed before the report.
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