Standard & Poor’s on Tuesday upgraded Greece’s sovereign credit rating to CCC+ from CCC-, with the ratings firm going further and revising the country’s outlook to stable from negative.
In a statement, S&P said it believes the possibility of Greece leaving the euro zone by 2018 (Grexit) has fallen to lower than 50 percent, although adding that the risk “is still high.”
The Greece upgrade reflects the “improved liquidity perspective” after the country reached a deal in principle with some of its creditors, S&P stated.
Nevertheless, S&P said Greece’s commitments could be “unsustainable” in the long term, with the chances of a Grexit remaining higher than one in three.