Fitch Ratings upgrades Greece to CCC
- Upgraded Greece's long-term foreign and local currency issuer default ratings (idrs) by one notch to 'CCC' from 'CC'
- Greece country ceiling has been raised by one notch to 'B-' from 'CCC'
- Agreement between Greece and European institutions has reduced risk of Greece defaulting on its private sector debt obligations
- An initial disbursement of about EUR23bn is expected this week and will ease the acute liquidity strain of Greece in recent months
- "It will take some time for trust to be restored between Greece and its creditors, which increases the risk of delayed programme reviews"
Headlines via Reuters
