Standard and Poor's ratings agency has upgraded Greece's credit rating by one notch to B- saying the country seems to be broadly complying with the terms of its latest international bailout.
Nevertheless, the financially troubled country's rating remains well within the junk, or non-investment-grade, territory. S&P said Friday that Greece's outlook remains stable. The agency said that despite multiple shocks, the Greek economy has proved more resilient than initially expected.
It added that it expects Greece by the end of March to have satisfied the conditions attached to its 86-billion euro international bailout agreement, which will open the way for discussions on alleviating the country's crippling debt burden.
Greece has depended on international rescue loans since 2010. To continue receiving the money, successive Greek governments have implemented creditor-demanded austerity measures.