December 18th, 2012

S&P upgrades Greece’s rating by six notches to B-

Standard & Poor’s announced on Tuesday that it is upgrading Greece’s credit rating by a considerable six notches to B- (Outlook Stable), taking it above the level it was before the bond buyback program was set in motion, though it remains in junk status.

We expect Fitch to upgrade accordingly and we focus on the outlook rating.