Fitch upgrades greek credit rating to stable

Photo credit: Adam Balch

The country's new grade represents "weak standalone creditworthiness", said Fitch, saying that the economic outlook is now stable.

"Greece's deficit reduction over the past four years of its two programmes has been remarkable," it said in a statement.

"The headline deficit/GDP excluding bank support, has been brought down by 14 percentage points against severe cyclical headwinds. With the most challenging phase of Greece's adjustment behind it, the rating is becoming less sensitive to policy holdups and political crises."