S&P upgrades Greece debt to BB on ‘governance effectiveness’ ...Middle East

WASHINGTON: S&P Global Ratings on Friday upgraded Greece’s debt to grade BB with a positive outlook as it predicted its economy would rebound over the next two years after the Covid-19 pandemic caused a contraction in 2020.The upgrade from Greece’s previous BB- grade came as the ratings agency predicted the country would see economic growth of 4.9% this year and 5.8% in 2022, after contracting 8.2% last year amid the pandemic.“The upgrade reflects our expectation of a rapid improvement in Greece’s economic and budgetary performance as the adverse impacts of the COVID-19 pandemic subside. The government’s policies should enable progress on budgetary consolidation and structural reform,“ S&P s

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