S&P on Monday raised Greece's long-term foreign and local currency sovereign ratings to B+ from the previous B rating.
In a press release issued on Monday evening (Athens time), S&P noted that "Greece's creditors have approved the creation of liquidity buffers and additional debt maturity extensions ahead of the sovereign's graduation from the European Stability Mechanism program in August 2018.
"We believe this significantly reduces sovereign debt servicing risks over the next two years. We have therefore raised our long-term foreign and local currency sovereign credit ratings on Greece to 'B+' from 'B'.
The outlook is stable.
Rating Action
On June 25, 2018, S&P Global Ratings raised its long-term foreign and local currency sovereign credit ratings on Greece to 'B+' from 'B'. The outlook is stable. At the same time, we affirmed our 'B' short-term foreign and local currency sovereign credit ratings.