Standard Poor’s raised its long-term local and foreign currency sovereign credit ratings for Greece to “CCC” from “Selective Default” with a stable outlook, the international rating agency said on Wednesday.
“The rating action reflects the completion on April 25, 2012, of Greece’s distressed debt exchange,” the agency said in a statement.
The “CCC”’ rating for Greece reflects the view of the recent reduction in government debt following the restructuring and the reduction in debt servicing costs as a result of the debt exchange, the agency said.
Standard Poor’s also raised Greece’s short-term foreign and local currency sovereign credit ratings “’C” from “Selective Default.”
In late April, Greece completed a massive exchange of government debt held by private creditors worth nearly 199 billion euros ($262 billion) or 97 percent of the debt’s face value.
The debt exchange deal was approved by Greek debt private investors in early March to clear the way for the 130-billion-euro rescue package for Greece from the European Union and the International Monetary Fund.