Fitch offers Greece no upgrade, only kind words

Despite expectations for an upgrade, Fitch maintained Greece's sovereign credit rating at BB- late on Friday, and the Greek economy's outlook as "stable." Greece thus remains three notches below investment grade, according to Fitch, whose rating for the country is higher than those of peers Moody's and Standard & Poor's.

The rating agency noted that Greece's huge debt stock and weak growth prospects over the medium term, as well as the very high level of nonperforming loans in its banking system, are offset by the high per capita income, which by far exceeds the average in countries with BB- and BBB ratings.

"While Greece's financial crisis exposed shortcomings in government effectiveness and put acute pressures on political and social stability, governance is still significantly stronger than in most sub-investment-grade peers," Fitch said in a statement, also...