Credit rating agency Standard & Poor’s will not increase its ratings for the Netherlands from AA+ but will not downgrade it further, the agency said on Friday.

Standard & Poor’s downgraded the Netherlands from AAA to AA+ with a ‘stable’ outlook last November. The most important reason for the downgrade was the weak economy and poor prospects.

The Dutch economy appears to be improving – the budget deficit is shrinking and the economy would appear to be growing again, S&P said. It expects economic growth of 1% this year and 1.3% in 2015.

However, the chance of an upgrade within the next two years is less than one in three, Nos television quotes S&P as saying.