Fitch ups Greece’s rating to a notch below investment grade

NEW YORK (AP) — Credit ratings agency Fitch has raised Greece’s credit rating to one notch below investment grade. In a report issued Friday, Fitch estimates that Greece’s deficit will shrink to 1.8% of its gross domestic product in 2024 from an estimated 3.8% last year. The agency also cited the improving health of Greece’s banks as another big factor behind the upgrade. It said the country’s outlook is stable. Fitch forecasts Greece’s GDP growth to reach 0.9% in 2023 and 2.3% in 2024. Inflation is forecast to ease from 9.3% in 2022 to 5% this year. The rating was raised to BB+ from BB.