Tags: S&P | Greek | Rating | Default

S&P Raises Greek Rating, Lifting It Out of Default

Wednesday, 02 May 2012 07:13 AM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

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.

© 2014 Thomson/Reuters. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
You May Also Like
Around the Web

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved