Greece seems to be on its way out of the recession after international agency Fitch raised its rating for the country to B from B- with a stable outlook.

Another agency, Standard&Poor's made on Friday a similar move for Spain, another Southern European country severely affected by the debt crisis. Madrid's debt rating is now BBB, up from BBB-, which was just above junk status.

Fitch has cited Greece's primary budget surplus, better implementation of fiscal targets and lowered risk to liquidity as reasons for its decision.

It estimates a 0.5% growth for the economy of Greece this year, while in 2015 its GDP will increase by 2.5 percent.

Athens, however, remains five notches below investment grade. A report by the agency also says political risk in the country "remains high", as Bloomberg reveals, citing the document.

Fitch expects "an early general election" in the first quarter of 2015 is "the most likely scenario", although snap polls will also be an option.

Standard and Poor's, on the other hand, believes Spain has increased competitiveness and growth pace since 2013's last quarter, when it successfully emerged out of its second recession in five years. Reforms in labor legislation and also in sectors as retail are considered to be playing a positive role for recovery.

Spain's daily La Vanguardia also reports that short-term debt rating of the country has been increased as well, from A-3 to A-2.

Growth of 1.6% on the average is to be observed in Spain between 2014 and 2016, S&P estimates.

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