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Fitch ratings agency upgrades Greece's sovereign debt by 1 notch; still in junk status

Fitch ratings agency has upgraded Greece's sovereign debt rating by one notch, citing the country's improved deficit figures.

Although still deep in junk status, Friday's upgrade on Greek bonds, from B- to B, was a boost for the country that has been struggling through a devastating financial crisis for the past four years.

The move comes two days before Greeks vote in local, regional and European elections that the left-wing main opposition party has painted as a referendum on Greece's international bailout.

Fitch cited the country's achievement of a primary surplus — the budget balance excluding interest on outstanding debts — and described its deficit reduction over the past four years as "remarkable."