Greece's long-term foreign and local currency ratings were on Monday upgraded to A+ from A by credit ratings agency Fitch, which cited improving economic conditions.
The outlook on the long-term ratings is stable, Fitch said.
"The upgrade reflects a sustained improvement in the performance of the Greek economy in recent years, ongoing fiscal consolidation, including the gradual reduction in off-budget transactions," the rating agency said in a statement. Fitch added, however, that further structural reform was needed to improve the competitiveness of Greece's economy.
The outlook on the long-term ratings is stable, Fitch said.
"The upgrade reflects a sustained improvement in the performance of the Greek economy in recent years, ongoing fiscal consolidation, including the gradual reduction in off-budget transactions," the rating agency said in a statement. Fitch added, however, that further structural reform was needed to improve the competitiveness of Greece's economy.
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