Greek credit rating upgrade by R&I 'indicative of improved Greek economy', Staikouras says

The upgrade of Greece's credit rating from B+ with positive outlook to BB with stable outlook by the Japanese Rating & Investment Information (R&I) agency is "indicative of an improved economic climate" in the country, Greek Finance Minister Christos Staikouras said in a statement on Monday.

Although R&I is not European Central Bank-eligible, the upgrade comes eight months after the last one by the same credit rating agency, in April 2019, he noted. In addition, Staikouras said, the rating is comparatively higher than all other credit rating agencies' and only two grades below BBB-, which is investment-grade status.

"The Finance Ministry, along with the Public Debt Management Agency (ODDIH), continues the gradual restoration of normalcy," the minister said.