WASHINGTON — The ratings agency S&P Global on Friday raised its outlook for Greek sovereign debt to "positive" from "stable," citing greater political stability in the long-troubled European nation.

But S&P did not change its highly speculative "B+" debt rating, which it had raised on June 25 due to what it said was an improving balance of risks.

"The positive outlook on Greece reflects the likelihood of an upgrade should the government implement reforms to broaden the tax base and improve the business environment, leading to a stronger economic recovery," the agency said in a statement.

The agency also said public infrastructure projects could boost investment in tourism and logistics and thereby raise economic growth forecasts.

Athens in June reached an agreement with its euro area creditors, allowing a 10-year extension for repaying much of its debts, which, at a 180 percent of GDP, are still the highest in the European Union.

The agreement will also allow Greece to exit its financial bailout program on August 20. — AFP