S&P raises Greece debt rating to B+ on reduced debt risks

New York (AFP) – Ratings agency S&P Global announced Monday it was upgrading the debt rating for Greece given the improved prospects for the country to pay off its sovereign debt.

S&P raised the country’s debt grade a notch to “B+” with a stable outlook, noting that the debt relief announced by Europe last week and the country’s cash buffers “significantly reduces sovereign debt servicing risks over the next two years.”

However, the country’s debt remains high, S&P said in a statement.

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