S&P upgrades outlook on Greece credit rating but keeps Italy on hold

Greece’s sovereign credit rating outlook was upgraded to positive by S&P Global Ratings on Friday, while Italy’s was kept at stable, highlighting a divergence of the two southern European economies.

S&P said its decision was based on Greece’s recent progress in structural reforms, a surge in investment and its rapidly improving fiscal position, which have made the country one of Europe’s fastest-growing economies.

In contrast,…