|
|
Athens Macedonian News Agency: News in English, 12-12-18
CONTENTS
[01] S&P raises Greece's credit rating to B-
[01] S&P raises Greece's credit rating to B-
AMNA -- International rating agency Standard & Poor's on Tuesday raised
Greece's sovereign credit rating to B-minus with a stable outlook from
selective default, citing Europe's efforts to keep the country part
of the euro zone. It also raised the country's short-term to B from
selective default, indicating that the country is now starting to move
gradually towards recovery.
The upgrade, according to S&P, "reflects our view of the strong
determination of European Economic and Monetary Union member states to
preserve Greek membership in the eurozone."
"The outlook on the long-term rating is stable, balancing our view of
the government's commitment to a fiscal and structural adjustment against
the economic and political challenges of doing so," the agency added.amna
Standard and Poor's had cut the rating to selective default earlier this
month after the Greek government invited private sector bondholders to
participate in a debt buyback meant to help lower the country's debt
burden.amna
Greece's outlook, S&P said, is now regarded stable following the
government's commitment to fiscal and structural reforms despite financial
and political challenges.
Referring to fiscal consolidation, the rating agency said that this
is based in tax hikes, improvement in tax collection, the extensive
privatization programme and spending cuts.
|