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Standard & Poor's Raises Greece's Credit Rating

Standard & Poor's raised the country's credit rating to low-speculative grade last week, lifting it out of default territory as expected, after the government completed the biggest sovereign debt restructuring in financial history. "While the exchange has, in our view, alleviated near-term funding pressures, Greece's sovereign debt burden remains high," S&P warned as it raised the credit rating to CCC, with a stable outlook.

The rating firm warned that the recession and the general election were posing risks to fiscal adjustments needed to further cut the country's debt.

"The ratings could be lowered if we believe that there is a likelihood of a distressed exchange on Greece's remaining stock of commercial debt," it said in a statement.

Fitch assigned Greece a speculative B-rating mid-March, becoming the first major rating agency to lift the country out of default territory after the debt swap cut the state's debt mountain by about 100bn euros, or close to a third.

Source: Athens News
Monday, May 14, 2012