February 16, 2018 / 9:28 PM / 3 months ago

BRIEF-‍Fitch Upgrades Greece To 'B' From 'B-' Outlook Positive​

Feb 16 (Reuters) - Fitch Ratings Inc‍:

* FITCH UPGRADES GREECE TO ‘B’ FROM ‘B-‘; OUTLOOK POSITIVE​

* ‍FITCH SAYS GREECE’S GENERAL GOVERNMENT DEBT SUSTAINABILITY WILL IMPROVE, UNDERPINNED BY SUSTAINED GDP GROWTH, REDUCED POLITICAL RISKS

* ‍FITCH SAYS EXPECT EUROGROUP TO GRANT FURTHER DEBT RELIEF TO GREECE THIS YEAR​

* ‍FITCH-GREECE’S POSITIVE OUTLOOK REFLECTS EXPECTATION THAT ADJUSTMENT PROGRAMME’S FOURTH REVIEW TO BE CONCLUDED WITHOUT CREATING INSTABILITY BY AUG 2018​

* ‍FITCH SAYS GREECE CONTINUES TO MAKE PROGRESS TOWARDS RESUMPTION OF REGULAR BOND ISSUANCE​

* ‍FITCH SAYS IT THINKS BOTH GREECE AND OFFICIAL SECTOR CREDITORS WILL AIM FOR A HYBRID “CLEAN” EXIT FROM EUR 86 BILLION ESM PROGRAM IN AUG 2018​

* FITCH SAYS‍ EXPECT GREECE GOVERNMENT TO CONTINUE TO ISSUE MARKET DEBT AND USE PROCEEDS TO SMOOTH FURTHER MATURITY PROFILE

* FITCH SAYS‍ EXPECT GREECE GOVERNMENT TO CONTINUE TO ISSUE MARKET DEBT, USE PROCEEDS TO ALSO BUILD A SIZEABLE DEPOSIT BUFFER BEFORE END OF ESM PROGRAMME​

* ‍FITCH SAYS GREECE’S “POLITICAL BACKDROP HAS BECOME MORE STABLE”

* FITCH ON GREECE SAYS EXPECTS THAT AT LEAST PART OF UNUSED FUNDS WILL BE MADE AVAILABLE TO SUPPORT TRANSITION TOWARDS FULL MARKET ACCESS​

* ‍FITCH SAYS GREECE’S BANKING SECTOR CONTINUES TO FACE CHALLENGES​

* FITCH SAYS‍ PENT-UP INVESTMENT DEMAND, DECLINING UNEMPLOYMENT RATE, CONTINUED CLEARANCE OF GOVERNMENT ARREARS ARE SET TO SUPPORT DOMESTIC DEMAND IN GREECE​

* ‍FITCH - KEY CHALLENGE FOR GREEK BANKS IS TACKLING NON-PERFORMING EXPOSURES; ASSET QUALITY MAY CONTINUE TO IMPROVE, BUT EXECUTION RISKS STILL SIGNIFICANT​

* FITCH SAYS EXPECT GREECE’S DEPOSIT GROWTH TO CONTINUE, ALTHOUGH RETURN OF DEPOSITS WILL CONTINUE TO BE HAMPERED BY HIGH FISCAL BURDEN​ Source text for Eikon:

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