Up two notches: S&P raises Greece’s credit rating

The ratings agency said the forecast was stable, meaning no more changes are expected imminently


Afp July 23, 2015
People sit outside the Greek parliament in Athens. Standard & Poor’s rating raised Greece’s credit rating by two notches. PHOTO: AFP

PARIS:


Standard & Poor’s on Tuesday raised Greece’s credit rating by two notches to CCC+ after the debt-laden country began paying billions of euros to its creditors and reopened banks.


While rating remains in junk territory after the rise from CCC-, the scenario of Athens defaulting on its debts was no longer inevitable in coming year and thus the chances of Greece having to pull out of the euro were reduced, said S&P.


The announcement came after the International Monetary Fund (IMF) confirmed that Greece was no longer in default on its loans after remitting about two billion euros to make up for missed repayments. The payment was made possible by a 7.16-billion euro emergency bridge loan granted to Greece on Friday by the EU so it could pay both the IMF and an additional 4.2 billion euros due to the European Central Bank on Monday.


The ratings agency said the forecast was stable, meaning no more changes are expected imminently. 

Published in The Express Tribune, July 23rd,  2015.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.

COMMENTS

Replying to X

Comments are moderated and generally will be posted if they are on-topic and not abusive.

For more information, please see our Comments FAQ

E-Publications

Most Read