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Fitch ratings agency upgrades Greece 1 notch

Friday - 5/23/2014, 12:00pm  ET

ATHENS, Greece (AP) -- Fitch ratings agency has upgraded Greece's sovereign debt rating by one notch, citing the country's improved deficit figures.

Although still deep in junk status, Friday's upgrade on Greek bonds, from B- to B, was a boost for the country that has been struggling through a devastating financial crisis for the past four years.

The move comes two days before Greeks vote in local, regional and European elections that the left-wing main opposition party has painted as a referendum on Greece's international bailout.

Fitch cited the country's achievement of a primary surplus -- the budget balance excluding interest on outstanding debts -- and described its deficit reduction over the past four years as "remarkable."


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