19 Dec 2012

Agency raises Greece's credit rating

10:02 am on 19 December 2012

Ratings agency Standard and Poor's has raised the credit rating of Greece's sovereign debt by six levels.

The rating has been raised from selective default to B-.

The agency has praised the strong determination of fellow eurozone countries to help Greece stay as a member state, and also notes the continuing efforts by Greece's government to cut its spending.

Greece is currently receiving the second of two bailouts, the BBC reports.

A total of €240 billion has been earmarked for Greece from the two bailout loans. Of that, Greece has received nearly 149 billion euros from the eurozone and the International Monetary Fund.

Standard and Poor's says the upgrade is significant and the outlook for the long-term rating is stable.