S&P reaffirms Greece rating; outlook stable

AP News
Posted: Mar 21, 2014 5:26 AM

ATHENS, Greece (AP) — Ratings agency Standard & Poor's says it believes Greece's economy is gradually rebalancing and that it will grow over the coming three years despite ongoing high debt levels.

The ratings agency on Friday reaffirmed its B- rating on Greece and said the outlook was stable. Greece's rating is still seven notches below what is considered to be investment grade. Ratings matter because they can affect a country's interest payments.

The agency said it believed Greece's exports would continue to grow and that the government's reforms have helped shore up the budget. And though it noted the "fluid" political environment in Greece, it said it believed any government would continue to adhere to current policies.

Greece has been dependent on international rescue funds since 2010, imposing deep austerity measures in return.