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Standard & Poor's upgrades Greece's rating by 1 notch to BB-

ATHENS, Greece (AP) — Standard & Poor's has upgraded Greece's credit rating by one notch to BB- with a positive outlook, saying another upgrade could follow within the next year.

The agency says a potential future upgrade would depend on the center-right government's continuing to implement economic reforms and also on an improvement in Greek banks' sizeable exposure to non-performing loans.

S&P awarded the BB- rating late Friday, citing a reduction in risks to smooth implementation of the state budget and the lifting of restrictions on bank deposits and capital flows.

Greece exited its eight-year bailout program last year and yields on the country's bonds have dropped sharply in recent months.

Nevertheless, all three major ratings agencies still classify Greek state bonds as well below investment grade.