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S&P affirms Greece on B-, outlook revised to positive

Staff Writer | July 24, 2017
S&P affirmed late Friday its B-/B long- and short-term foreign and local currency sovereign credit ratings on Greece but revised the country’s outlook to positive from stable.
S&P affirms Greece
Europe   Average nominal GDP growth of 2.8%
“We believe recovering economic growth, alongside legislated fiscal reforms and further debt relief, should enable Greece to reduce its general government debt-to-GDP ratio and debt servicing costs through 2020,” S&P said.

The agency said that the positive outlook indicates its view that “over the next 12 months, there is at least a one-in-three probability that we could raise the ratings.”

S&P projected that over 2017-2020 Greece will report general government primary surpluses of about 3% of GDP annually on average, alongside average nominal GDP growth of 2.8%, which should allow general government debt to decline to 158% of GDP in 2020 from 179% in 2016.