Greek economy wins new vote of confidence with credit rating upgrade and hopes for investment boost

Greece has won new certification of its financial health. Standard & Poor’s has become the first of the three major international ratings agencies to upgrade the formerly struggling country’s credit rating to investment grade. The one-notch upgrade, from BB+ to BBB-, is expected to significantly boost market confidence in the Greek economy, attracting investment and lowering the government’s borrowing costs. The center-right government hailed it Friday as a major success. It came more than a decade after Greece’s bonds were relegated to sub-investment — or junk — grade amid the financial crisis that pushed the country to the brink of financial collapse and forced three massive international bailouts.