ECONOMY

S&P upgrades Greek credit rating as fiscal conditions improve

Standard & Poor’s raised Greece’s credit rating one notch on Friday, from B- to B, acknowledging the fiscal endeavors made by the country.

It maintained Greece’s outlook as stable.

“We expect recovering real and nominal GDP will enable Greece to operate average primary surpluses of 2 percent of GDP during 2014-17,» S&P said in a statement.

The rating agency stressed the significance of the Hellenic Financial Stability Fund’s reserves for the support of banks.

Also on Friday the Finance Ministry announced it had received offers worth 1.6 billion euros for three- and five-year bonds made available on Thursday to holders of Greek treasury bills.