Fitch upgrades Greece to 'CCC'
- Written by E.Tsiliopoulos
Fitch Ratings has upgraded Greece's Long-term foreign and local currency Issuer Default Ratings (IDRs) by one notch to 'CCC' from 'CC'.
The issue ratings on Greece's senior unsecured foreign and local currency bonds have also been upgraded to 'CCC' from 'CC'. The Short-term foreign currency IDR has been affirmed at 'C'. The Country Ceiling has been raised by one notch to 'B-' from 'CCC'.
In a statement raising Greece's long-term credit to 'CCC' from 'CC', Fitch said the Aug. 14 deal "reduced the risk of Greece defaulting on its private sector debt obligations" but added that risks to the programme's success "remain high".
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