S&P increases Greece’s rating by two notches

Credit rating agency upgrades Greece’s rating upon fruitful bailout talks with international creditors

Photo by: Reuters
Photo by: Reuters

Updated Jul 28, 2015

Standard & Poor's (S&P) credit rating agency, who raised Greece's sovereign credit rating to CCC+ from CCC- on Tuesday, stated that there is a less than 50 percent chance that Greece will leave the single currency union.

"We think opportunities for Greece to default on commercial debt this year are few," said the credit rating agency in a report.

S&P also revised its outlook on Greece to stable from negative. 

The Greek government presented its parliament with a draft legislation on Tuesday and now has less than 24 hours to push austerity measures through its parliament, to begin negotiations for a €86 billion bailout from its creditors.

The European Central Bank (ECB) showed optimism over the bill stating that “it strengthens the tools and procedures available to the Bank of Greece to carry out effective preventive, early intervention and effective resolution measures.” 

Greece’s next major obligatory payment is due on August 20, when a payment of 3.2 billion is owed to the ECB.

TRTWorld and agencies