facebook
twitter
rss
account
search
search
 

S&P lifts Greek credit rating six notches

Dec. 18, 2012 at 4:52 PM   |   Comments

ATHENS, Greece, Dec. 18 (UPI) -- Credit rating firm Standard & Poor's on Tuesday lifted Greece's credit grade significantly, but left its bonds in junk status.

S&P lowered Greece's rating to selective default early in the month as it initiated a debt buyback program, CNNMoney reported.

With that buyback completed and with the recent approval of a $65 billion bailout loan disbursement, S&P jumped Greece's rating up six notches to B-minus.

Despite facing major economic headwinds -- six years of recession and an unemployment rate of 25 percent -- S&P said the region's commitment to keeping Greece in the eurozone was a good sign.

"We view the eurozone member states' decision to provide material cash flow relief to Greece as indicative of their determination to restore stability to Greek finances, and to preserve Greece's eurozone membership," S&P said.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
Freedom variant LCS takes to water Freedom variant LCS takes to water
2
MDA demos tracking, targeting capability of Aegis MDA demos tracking, targeting capability of Aegis
3
CNN absent from the Dish Network lineup CNN absent from the Dish Network lineup
4
Australia upgrading Tiger helos; receives MH-60R from U.S. Australia upgrading Tiger helos; receives MH-60R from U.S.
5
Iraq seeks thousands of tank rounds Iraq seeks thousands of tank rounds
Trending News
Around the Web
x
Feedback