Standard & Poor’s upgraded its debt rating for Greece on Friday, up from B minus to B, with a stable outlook for the rating. S&P had an optimistic forecast on Greece’s economy, predicting a slow recovery in 2014 after seven years of continuous economic downturn.

“‘The outlook is stable, balancing our view of Greece’s progress in fiscal consolidation against its still-weak economic recovery and political resolve to continue with structural and institutional reforms,’ said S&P in a news release on Friday.”

Greece’s current long-term sovereign credit rating of B indicates “more vulnerable to adverse business, financial and economic conditions but currently has the capacity to meet financial commitments.”

Greece was one of the many countries involved in the aftermath of the 2008 financial crisis. In 2010, Greece received a “junk” rating on its debt and subsequently became locked out of private capital markets. The country then received a bailout from the rest of Europe and the International Monetary Fund totalling 240 billion euros.