Financial rating agency Fitch Ratings has upgraded Greece’s sovereign rating to “investment grade” (recommended for investment) after 13 years in which the rating was in the “junk” category, according to the economic news agency Bloomberg, cited by Agerpres.

On Friday evening, Fitch revised Greece’s rating upward from “BB plus” to “BBB minus”, the associated forecast is stable, therefore the country has left the category of speculative investments.

The decision comes after S&P Global was the first of the three major rating agencies to relist Greece in October to benefit from an “investment-grade” sovereign rating. After Fitch’s decision on Friday, Moody’s remains the only major financial rating agency that has not yet revised Greece’s rating upward.

“Fitch expects the share of public debt to GDP to maintain a significant downward trend thanks to strong economic development and a favorable debt service structure. “Political risks have decreased following the clear victory of the New Democracy party in the June elections in Greece,” the rating agency said in a statement.

The government expects Greece’s economy to grow by 2.4% this year and 2.9% next year, ahead of many European nations, while the public debt-to-GDP ratio will fall to 152.3% in 2024 from a peak of 206% in in 2020.

Greece emerged from the debt crisis in 2018, but was the only country in the eurozone with a sovereign rating of “junk”.

The authorities in Athens have also pledged to increase the primary surplus further to 2.1% of GDP in 2024 from 1.1% of GDP in 2023.

Another sign that Greece is returning to normal after a decade-long sovereign debt crisis is the sale of state stakes in Greek banks.

“A sustained and significant decline in the public debt-to-GDP ratio following medium-term fiscal consolidation measures could lead to another upward revision of Greece’s rating,” Fitch said.

Greece has not had an investment-grade rating, meaning a low risk of default, since 2010, when a decade-long sovereign debt crisis erupted that forced the authorities in Athens to ask for several international aid packages worth about 260 billion euros.

The Greek state emerged from the debt crisis in 2018, but it was the only country in the eurozone with a “junk” sovereign rating (not recommended for investors no).