By Marius Zaharia and Jemima Kelly LONDON (Reuters) - Euro zone countries still have much work to do to cut debt and boost growth and their credit ratings are unlikely to rise until they get their economies into better shape, a senior Standard & Poor’s official said on Tuesday. S&P's head of sovereign ratings for Europe, Middle East and Africa, Moritz Kraemer, told Reuters in an interview that he saw a "calm period ahead" for ratings actions in Europe. "There is no need to raise the ratings until the (economic) fundamentals improve." Kraemer said the countries that had made most progress in cutting debts included Ireland and Spain, and both had seen their ratings upgraded. Kraemer said the return to debt markets of Cyprus, which was bailed out just a year ago, and Greece had little impact on their ratings.
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