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Standard & Poor's Upgrades Greek Credit Ranking

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International credit rating agency Standard & Poor's has upgraded Greece's credit rating by two points.

The global rating firm attributed the higher ranking, due to the nation's third likely bailout deal, and the repayment of its outstanding IMF balance.

S&P has raised Greece's grade to CCC+, marking the country's first economic boost since last week's agreement, while it has also predicted a 3% recession within this year.

Hellenic Statistical Authority statistics recently released, reveal that the Greek governmental general debt between January to March equalled 301.5 billion euros, compared to 315 billion euros in the same timeframe last year.

The decrease is due to the Hellenic Financial Stability Fund (HFSF) reserves by the Finance Ministry amounting to 10.9 billion euros in cash for the Eurosystem return, and the domestic borrowing rise. The IMF received 2.8 billion euros in the first quarter of 2015.