S&P boosts Greece's credit rating

  @CNNMoneyInvest December 18, 2012: 2:04 PM ET
greek flag sun

S&P lifted Greece's credit rating six notches to B-minus from selective default on Tuesday.

NEW YORK (CNNMoney)

Standard and Poor's boosted Greece's credit rating by several notches Tuesday, citing the broad commitment to keep Greece in the eurozone.

S&P lifted Greece's credit rating six notches to B-minus from selective default, a rating it slapped on Greece earlier this month when Greece entered into a debt buyback program with private bondholders.

Tuesday's upgrade reflects the completion of the buyback as well as the eurozone finance ministers' approval to release an additional €49.1 billion in aid to Greece, S&P said.

Related: Greece aid clears final hurdle

Greece received its first bailout two and a half years ago, and worries persist that the country's still massive debt levels could lead to a messy exit from Europe's monetary union. In 2013, the country's debt level is expected to reach 190% of GDP, and the economy is set to enter its sixth year of recession, with unemployment at a lofty 25%.

But S&P is optimistic.

"We view the eurozone member states' decision to provide material cash flow relief to Greece as indicative of their determination to restore stability to Greek finances, and to preserve Greece's eurozone membership," the agency added.

Buffett: Eurozone may not survive

Given the broader region's efforts, S&P also assigned Greece with a stable outlook. To top of page



Join the Conversation
Markets
Sponsored by
Index Last Change % Change
Dow 16,501.65 -12.72 -0.08%
Nasdaq 4,126.97 -34.49 -0.83%
S&P 500 1,875.39 -4.16 -0.22%
Treasuries 2.69 -0.04 -1.47%
Data as of 11:26pm ET
Company Price Change % Change
Facebook Inc 61.36 -1.67 -2.65%
AT&T Inc 34.92 -1.37 -3.78%
Bank of America Corp... 16.37 0.08 0.49%
EMC Corp 25.91 -0.85 -3.18%
Verizon Communicatio... 47.43 -0.49 -1.02%
Data as of 4:01pm ET
Overnight Avg Rate Latest Change Last Week
30 yr fixed4.28%4.41%
15 yr fixed3.30%3.33%
5/1 ARM3.30%3.34%
30 yr refi4.31%4.39%
15 yr refi3.35%3.31%
View rates in your area
 
Find personalized rates:
Rate data provided
by Bankrate.com
Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.