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S&P upgrades Greece out of selective default

S&P upgrades Greece out of selective default

The ratings agency Standard & Poor's has upgraded Greece from selective default to 'CCC' with a stable long-term outlook, after the country completed a massive debt writedown with private creditors.
S&P said Wednesday it was upgrading the country after Athens finalized the bond swap on April 25.
The debt writedown, the largest in history, saw bondholders take a cut of about 75 percent on the real value of their investment and aims to bring Greece's debt down from about 165 percent of GDP last year to about 120 percent by 2020.
The deal wiped (EURO)100 billion ($132 billion) off Greece's debt.
S&P notes that while the swap "alleviated near-term funding pressures," Greece's debt load remains high.


Updated : 2020-12-05 03:20 GMT+08:00