Tuesday, December 18, 2012

S&P Lifts Rating on Greece to 18-Month High

Wall Street Journal
December 18, 2012

A strong and clear commitment from members of the euro zone to keep Greece in the common-currency bloc helped lead Standard & Poor's to raise its rating on Greece to B-minus from selective default, the ratings firm said Tuesday.

It is the highest rating S&P has given Greece since June 2011 as the country continues to face a deep recession and debt crisis.

Even with the country still facing challenges, S&P placed a stable outlook on the new B-minus rating. That buoys hope that the worst of Greece's problems could be in the past.

"It is a very important decision, but there is no room for complacency," said Greek Finance Minister Yannis Stournaras. "It is a decision which creates a climate of optimism, but we know that the road is still long and uphill."


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