Fitch upgrades Greece's credit rating

International credit rating agency Fitch has upgraded Greece’s credit rating. According to a statement from Fitch, the country’s long-term foreign and local currency credit rating has been raised from “BB” to “BB+”. Fitch expects better deficits, debt yields and forecasts in 2022-2024, thanks to stronger growth, budget implementation and a favorable debt service structure. Fitch forecasts GDP growth to reach 0.9 percent in 2023 and 2.3 percent in 2024. Fitch noted that significant progress continues to be made in reducing non-performing receivables in the banking sector. The outlook for the credit rating was revised from “positive” to “stable” with the upgrade.