ATHENS, Greece — Greece won new certification of its financial health Friday, as Standard & Poor’s became the first of the three major international ratings agencies to upgrade the formerly struggling country’s credit rating to investment grade.
It came more than a decade after Greece’s bonds were relegated to sub-investment — or junk — grade amid the financial crisis that pushed the country to the brink of financial collapse and forced three massive international bailouts. “Supported by a very rapid economic recovery, the Greek government has been able to regularly outperform its own budgetary targets despite gradually increasing social transfers,” S&P said.
Finance Minister Kostis Hatzidakis hailed the S&P upgrade late Friday, while pledging to maintain prudent budgetary policies.
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