Fitch Ratings upgraded Greece’s long-term sovereign credit rating from ‘Restricted Default’ to B-, the lowest level before highly speculative territory, after the Hellenic country completed the private sector involvement (PSI) debt swap.
The ratings agency notes a successful debt restructuring could put upward pressure on Greece’s ratings and that the country’s debt/GDP ratio could gradually decline to around 120% of GDP by 2020.
Fitch assigned ‘stable outlook’ to Greece and said that “future rating actions will be driven by Greece’s performance against the parameters of the new EU-IMF programme and the sovereign’s capacity and willingness to honour its restructured debt obligations”.
(source: fxstreet)
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