Greek economy heads toward investment grade

Two international agencies have upgraded the Greek sovereign credit rating in the last few days, taking Greece closer to investment grade after a nearly decade of economic crisis and international bailouts.

On Friday US rating agency Standard & Poor's (S&P) announced the upgrading of the Greek rating by one notch to BB-, from B+, leaving Greece three notches below investment grade. S&P maintained its positive outlook for Greece.

This was the first rating upgrade for Greece by a major credit-rating agency after the government change in July.

Experts told Xinhua in recent interviews that emergence from "junk status" is attainable within a year.

"One notch is certainly not enough yet to take Greece to the brink of investment grade, as S&P has always been stricter than others towards the Greek economy, but that may happen next year," professor of finance...

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