Standard & Poor’s, one of the three biggest credit rating agencies in the world, revealed on Friday that it has kept Greece’s credit rating unchanged.
The firm maintained the country’s CCC+ rating, this is actually a bump up from Greece’s CCC rating in June according to Euronews.
S&P notes that the September 20 Greek elections may have immediate consequences for the country’s economy, as the installments of the Greek bailout may come in later than expected.
Overall, Standard & Poor’s expects that the Greek economy will shrink by 3% in 2015 and will continue to shrink due to capital controls. However, the firm believes that the risk of a Grexit has decreased.
“Although the Greek economy remains fragile and the September 20 election outcome uncertain, we think the risk of Greece leaving the Eurozone has receded to less than a one-in-three likelihood”, FXSTREET quotes S&P as saying.