Global ratings agency Standard & Poor’s said on Friday it raised its outlook on Greece to positive from stable while affirming its B-plus/B ratings. The outlook reflects a potential upgrade if Greek authorities were to boost competition in product markets, strengthen property rights, ease bankruptcy procedures and improve the enforcement of contracts, S&P said in a statement.
The ratings agency said it sees an enhanced policy stability supporting Greek banks and the economy, adding that the country’s growth projections will improve, driven by private investment in tourism and logistics due to large public infrastructure projects.
Real growth in gross domestic product is projected at 2 percent to 2.5 percent over the next three years, S&P said.
Last month, S&P raised its long-term debt rating on Greece, based on reduced debt risks due to the creation of cash buffers and the extension of maturity on its debts. reuters
