Romanion
03-15-2012, 12:33 AM
http://gulfnews.com/business/economy/fitch-upgrades-greece-after-biggest-writedown-1.994649
Athens The Fitch ratings agency on Tuesday upgraded Greece out of "restricted default" after Athens carried out the biggest debt writedown in history in a bond swap with private creditors. International debt inspectors, however, warned the country's recovery will be slower and harder than expected.
The new B- rating, which applies to the new bonds issued under Greek law, is still junk status, meaning they are not investment grade despite the huge cut to Greece's debt pile.
Along with the upgrade, which had been widely expected after Monday's bond swap, Fitch assigned a "stable outlook."
Securities not eligible for the bond exchange were also upgraded to B- from C rating. Fitch kept a C rating on foreign-law bonds as the settlement date for their swap is not until April 11.
Athens The Fitch ratings agency on Tuesday upgraded Greece out of "restricted default" after Athens carried out the biggest debt writedown in history in a bond swap with private creditors. International debt inspectors, however, warned the country's recovery will be slower and harder than expected.
The new B- rating, which applies to the new bonds issued under Greek law, is still junk status, meaning they are not investment grade despite the huge cut to Greece's debt pile.
Along with the upgrade, which had been widely expected after Monday's bond swap, Fitch assigned a "stable outlook."
Securities not eligible for the bond exchange were also upgraded to B- from C rating. Fitch kept a C rating on foreign-law bonds as the settlement date for their swap is not until April 11.