A decision by Fitch Ratings on Friday to upgrade Greece to a “BBB” rating with a stable outlook is the last evaluation of the Greek economy by an international rating agency for the current year.

Fitch upgraded Greece’s long-term foreign currency issuer default rating (IDR) to “BBB” from “BBB-“, continuing an upward trend for the country’s creditworthiness over the past few years.

The New York City-based ratings agency cited the following main reasons in justifying its decision, namely, a significant debt reduction; a continued strong fiscal performance; a moderate fiscal easing; a prudent and credible fiscal framework; low financial risks and resilient economic growth.

Shortly after the announcement, Greece’s Finance Minister Kyriakos Pierrakakis welcomed the upgrade in a social-media post, stressing that the development “concerns every citizen.” He said Fitch’s decision confirms “the steady progress of the economy,” noting the agency’s recognition of Greece’s declining public debt, growth above the eurozone average, and targeted social support delivered without derailing fiscal discipline.

“The picture is indisputable: Greece is moving to a new level,” the minister wrote. He added that the country is now in a position to continue lowering taxes while strengthening its overall credibility.

According to Pierrakakis, the upgrade carries practical consequences for households and businesses. “It means low borrowing costs, liquidity for companies, and financing for investments that bring new jobs,” he said. He emphasized that efforts will continue toward building “a stronger, more modern, and fairer Greece for all.”