S&P Raises Greece's Credit Rating

NEW YORK — Rating agency Standard & Poor’s on Tuesday raised Greece’s sovereign credit rating to B-minus with a stable outlook from selective default, citing Europe’s efforts to keep the country part of the euro. “The upgrade reflects our view of the strong determination of European Economic and Monetary Union (eurozone) member states to preserve Greek membership in the eurozone,” S&P said.

ATHENS (Reuters) - 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. ...

Standard & Poor's rated Thursday new Greek bonds issued under its bond swap at CCC, or still vulnerable to default, and indicated it would likely assign the same rating for the country.After the swap is completed "we will likely consider Greece's selective default to be cured and assign a forward-looking sovereign credit rating of 'CCC' to Greece," the agency said in a statement.

Out of the fire, but still in the frying pan. Standard & Poor's raised Greece's credit rating to CCC from SD, aka, selective default, Wednesday.

By Pater Tenebrarum:The newly muzzled credit rating agencies are using whatever time remains to them to get out the downgrades of euro area sovereigns hard and fast. The latest country to catch yet another downgrade is Greece, which has been cut to "selective default" from "CCC" by S&P. Apparently S&P doesn't think the bond buyback is merely making use of a temporary market inefficiency. It indeed means something when bondholders can no longer count on receiving par at maturity.

Standard & Poor's agency raised Greece's credit rating out of default territory on Wednesday, following structural changes by which nation slashed its debt by one-third. The country remains in the junk category with a CCC rating.

ATHENS — Ratings agency Fitch upgraded its sovereign credit rating for Greece by one notch on Tuesday, citing the country’s progress in cutting its budget deficit and the receding risk of its eurozone exit. After nearly crashing out of the euro last year and coming under attack for stalled reforms, Greece has won praise in recent months from its international lenders for getting back on track and pushing through unpopular austerity measures.

Standard & Poor’s on Wednesday cut Greece’s sovereign credit rating further into junk territory, lowering it to CC from CCC, saying the European Union’s proposed debt restructuring puts the country into a 'selective default'