GO
Loading...

S&P Upgrades Greece’s Credit Rating From Default

Standard & Poor’s rating agency upgraded Greece’s long-term credit rating from 'selective default' to sub-investment grade triple-C on Wednesday, citing the country's recently-completed bond swap.

Demonstrators shout slogans against government's recent austerity economy measures during a protest in Athens.
Aris Messinis | AFP | Getty Images
Demonstrators shout slogans against government's recent austerity economy measures during a protest in Athens.

S&P cut Greece's rating to SD at the end of February, following a deal the country made to reduce its debts.

According to a press release issued by S&P on Wednesday, the upgrade results from Greece’s successful $172 billion bond swap offer, completed on April 25.

“The 'CCC' rating on Greece reflects our view of the recent reduction in government debt following the restructuring, the reduction in debt servicing costs as a result of the exchange, and the increased average maturity of the central government debt stock,” S&P wrote in the release.

S&P forecasts the Greek economy will shrink by a further 5 percent in 2012, having shrunk 6.9 percent in 2011.

Contact Europe News

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    To learn more about how we use your information,
    please read our Privacy Policy.
    › Learn More

Europe Video

  • Heathrow has been dethroned by Dubai International as the busiest international air hub. Paul Griffiths, CEO of Dubai Airports, says that "long term vision" is the key to Dubai's city growth and therefore its air traffic.

  • Crispin Hawes, managing director at Teneo Intelligence talks about the tensions that have been rising in Yemen, saying that this will be a "painful headache" for the new Saudi Arabian king.

  • CNBC's Rick Santelli talks about the disappointing data about durable goods and how the U.S. Federal Reserve is involved.