S&P's raises Greek credit rating to CCC

Standard & Poor's has raised its credit rating on Greece from Selective Default (SD) to CCC.

The ratings agency said in a statement it had raised its long-term local and foreign currency sovereign credit rating on Greece to CCC following the country's successful distressed debt exchange last month. S&P's, which has a 'stable' outlook on Greece's credit rating, said last month's exchange had alleviated near-term funding pressures on Greece, although the yield on Greek 10-year bonds remains extremely high, with the country currently paying 20.58% on its debt. S&P's, which typically replaces the 'D' credit ratings of a sovereign government emerging from default with a new rating...