Greece’s Public Power Corporation (PPC) expressed satisfaction with Standard & Poor’s upgrade of its credit rating by one notch, from CCC to CCC+, with a concomitant upgrade of the company’s prospects from negative to positive.

“According to the related report, the upgrade reflects mainly the successful refinancing of existing debt amounting to a total of 1.3bn euros with a consortium of Greek banks, but also the positive assessment of the actions of the company to improve the collectability of accounts receivable, which led to a reversal of projections regarding risks,” PPC said in a statement.

“S&P also stresses in its report that the upgrade took into account the improvement of Greece’s economic prospects. The upgrade is a positive omen for a successful return to the markets that is being planned. The efforts and actions of the enterprise, which among other things will lead to a further upgrade, is in full swing,” the statement concluded.

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