the rater S&P Global Ratings raised Greece’s long-term sovereign debt rating from BB to BB+ on Friday, despite strong inflation and lower growth prospects.

The rating was also given a stable outlook “reflecting balanced risks to economic growth and public finances between the conflict in Ukraine and substantial support from the EU (European Union) and a dynamic internal reform,” the agency detailed.

S&P expects growth in Gross Domestic Product (GDP) of 3.4% in 2022much less than the 8.3% in 2021, but points out that this anticipated drop is mainly due to the war in Ukraine.

Greece was hit in 2010 by the biggest crisis in its contemporary history, losing more than a quarter of its GDP.

Hit by bad debts during the crisis decade, Greek banks were repeatedly recapitalized thanks to international loans from the EU and the International Monetary Fund.

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