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Fitch Raises Greece Ratings

May 22, 2014

BRUSSELS (Alliance News) - Fitch Ratings upgraded sovereign ratings of Greece by one notch as the nation posted a primary surplus amid easing near-term sovereign liquidity risks.

The ratings were raised to 'B' from 'B-'. It still remains in junk territory.

Greece achieved a primary surplus in the general government account in 2013, a key target of the EU-IMF programme. The rating agency forecasts the adjusted primary surplus to rise further in 2014 to 1.4% of GDP.

Moreover, near-term sovereign liquidity risk has fallen and a better fiscal track record is being established.

The 'stable' outlook reflects Fitch's assessment that upside and downside risks to the rating are currently balanced.

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Source: Alliance News

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