Fitch Ratings has upgraded Greece's Long-term foreign and local currency IDRs to 'B-' from 'CCC'. The Short-term foreign currency IDR has also been upgraded to 'B' from 'C' and the Country Ceiling upgraded to 'B' from 'B-'.
In an announcement issued on Tuesday, Fitch also noted "the Outlook on the Long-term IDRs is Stable."
"The upgrade reflects Greece's economic rebalancing. Clear progress has been made towards eliminating twin fiscal and current account deficits and 'internal devaluation' has at last begun to take hold," Fitch added.
May 15, 2013
