Rating agency S&P Global Rating upgraded the debt rating of Greece, by one notch, to  BB+.

It is the third rating agency, and the second of those selected by the European Central Bank, that places Greece one “step” before the investment grade.

This is the 9th – in a row – upgrade of the Greek economy in the last two and a half years.

“The upgrade reflects our expectation of a continuous improvement in Greece’s policy effectiveness, while the fallout from the war in Ukraine appears manageable in light of considerable buffers in both the private and public sectors” the agency explained.

The positive development is a result of prudent fiscal policy, prudent publishing strategy, high cash flow, the implementation of structural reforms” the Greek Ministry of Finances said in a statement.

We are just a step away from the coveted investment level” Greek Prime Minister Kyriakos Mitsotakis said in a tweet.

In an interview to Reuters, early February, S&P’s top European sovereign analyst Frank Gill, had given a hint of the decision saying “Italy and Greece continue to have “buffers” in place to protect them from rising borrowing costs” adding: “Greece, which has a strong cash position and has also lengthened its debt maturity profile in recent years, has “substantial buffers” in place as sovereign borrowing costs rise.”