Fitch Ratings has upgraded the credit rating of Greek utility PPC Group to 'BB' from 'B-', maintaining a stable outlook.
The agency's decision reflects confidence in the company's strategic pivot toward renewable energy, which is expected to strengthen its business profile through 2030.
According to Fitch, the upgrade is driven by PPC's accelerated expansion in renewables, which enhances geographic diversification and improves integration with supply chains.
This structural shift reduces reliance on traditional thermal generation and positions the company for more stable cash flows in a transitioning energy market.
The move aligns with broader trends in European utilities, where creditworthiness is increasingly tied to the pace and scale of green energy investments.
For investors, the upgrade signals reduced credit risk and potentially lower borrowing costs for future capital expenditures.