S&P gives Greece credit upgrade as default "no longer inevitable" after bailout deal and repayments to International Monetary Fund and European Central Bank

Clara Guibourg
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Greece made repayments to IMF and ECB yesterday (Source: Getty)

Some good news at last for Greece after the past months’ Eurozone drama over the indebted country.

Ratings agency Standard & Poor has upgraded its rating after default was avoided and a deal struck with its lenders to discuss conditions for a third bailout.

S&P lifted Greece’s rating from CCC- to CCC+ and changed the country’s outlook from negative to “stable”, saying that the possibility of a Grexit, while “still high”, has fallen to less than 50 per cent.

The upgrade comes after Greece’s repayments to the International Monetary Fund (IMF) and the European Central Bank (ECB) yesterday, making the ratings agency satisfied that a Greek default is “no longer inevitable”.

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