S&P returns Greece’s credit rating to investment grade

Credit rating agency S&P has upgraded Greece’s credit rating to investment grade, the first time since 2010. S&P cited Greece’s significant progress in tackling economic challenges and improving public finances as reasons for the upgrade. The agency expects the government to achieve a primary surplus of at least 1.2% of GDP this year and anticipates further economic growth and reduction in government debt through additional reforms and EU funds. S&P’s decision makes it the first of the three major US ratings agencies to lift Greece’s credit rating from speculative to investment grade.