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Fitch raises Greece to 'B-'/Stable from 'Restricted Default'

Reuters - Mar 13, 2012

Fitch Ratings has upgraded Greece's Long-term foreign and local currency Issuer Default Ratings (IDRs) to 'B-' with Stable Outlooks from
'Restricted Default' (RD). The Short-term foreign currency IDR has been upgraded to 'B' from 'C' and the Country Ceiling affirmed at 'AAA'.

Fitch has withdrawn the ratings on the bonds issued by the Republic and governed by Greek law and assigned 'B-' ratings to Greece's new government bonds created as a result of the private sector involvement (PSI) debt exchange, The issue ratings on foreign-law bonds will remain 'C' pending settlement on 11 April, while the issue ratings of securities not eligible for the bond exchange remain unchanged.

The rating actions follow the official confirmation of a 96% participation in the distressed debt exchange (DDE) and the initial exchange of EUR177bn of Greek-law bonds for new securities. In accordance with Fitch's statement on 6 June 2011 (see 'Fitch Outlines Rating Approach to a Sovereign Debt Exchange') and the agency's distressed debt exchange (DDE) criteria (12 August 2011), the completion of the exchange has cured the rating default event.

Read Full Article from Reuters

- Posted: 2012-03-13 12:10:28

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