Greece welcomes upgrade to “positive” by credit rating by DBRS

Greece welcomed on Sunday the upgrade of its outlook to “positive” by rating agency DBRS, pledging to continue efforts to fully restore economic normalcy after the bailout era.

“This development is the result of the sacrifices of Greek society for many years as well as the systematic initiatives of the current government. The government continues efforts, step by step, aiming at the economy’s return to full normalcy,” read an e-mailed press statement issued from the office of Finance Minister Christos Staikouras.

DBRS upgraded the country’s outlook from “stable” on Friday, keeping however still the credit rating at “BB”, as in the spring assessment.

The agency linked the step to the election of a new majority government in office in July “with strong commitment and momentum in introducing its reform agenda.”

It cited also positive developments such as the lifting on Sept. 1 of the final restrictions under the capital controls introduced in the summer of 2015 as Greece was negotiating the terms of its third bailout since 2010.

In August 2018 Greece exited the bailout era, is gradually returning to markets and rating agency’s upgrade its credit ratings lately.