S&P raises Greek rating, lifting it out of default
Standard & Poor's raised Greece's credit rating to
low-speculative grade on Wednesday, lifting it out of default territory
as expected, after Athens 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 a May 6 general election were posing risks to fiscal
adjustments needed to further cut Greece'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 Athens' debt mountain
by about 100 billion euros, or close to a third.
[Reuters] |
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