March 21 (Reuters) - Standard & Poor's on Friday affirmed Greece's sovereign credit ratings at 'B-/B' and gave them a stable outlook, saying it believed the country's economy is gradually rebalancing.
"In our opinion, steps the Greek government has taken to strengthen the institutional framework and improve policy effectiveness have enhanced external and fiscal performance," S&P said in a statement.
"In particular, the government has made significant reforms to the labor market and fiscal revenue collection and plans further reforms in commerce."
S&P said the stable outlook balances its view of the government's commitment to fiscal and structural adjustments against the economic and political challenges of doing so. (Reporting by Ian Chua; Editing by Kim Coghill)