Greece ’s credit rating was maintained at six steps below investment grade by Standard & Poor’s, which said the country’s debt remains large even as its government’s fiscal performance improves.
The country’s long-term local currency debt was kept at B-, with a stable outlook, S&P said in a statement.
“In our opinion, steps the Greek government has taken to strengthen the institutional framework and improve policy effectiveness have enhanced external and fiscal performance,” S&P said in a statement.
“In particular, the government has made significant reforms to the labor market and fiscal revenue collection and plans further reforms in commerce.”
S&P, which raised Greece to B- from Selective Default on Dec. 18, 2012, said the economy has started to rebalance.
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