S&P upgrades Greece out of selective default - Business - Jamaica Gleaner - Thursday | May 3, 2012: "The Standard & Poor's (S&P) ratings agency lifted Greece's credit grade out of default on Wednesday, after the country completed a major debt writedown with private creditors.
It upgraded the country from selective default to 'CCC', still in junk status, and gave it a stable outlook, which means no further ratings changes are being considered.
Athens finalised its bond swap, the largest in history, on April 25. The deal wiped €100 billion (US$132 billion) off Greece's debt and saw private bondholders take a cut of about 75 per cent on the real value of their investment."
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It upgraded the country from selective default to 'CCC', still in junk status, and gave it a stable outlook, which means no further ratings changes are being considered.
Athens finalised its bond swap, the largest in history, on April 25. The deal wiped €100 billion (US$132 billion) off Greece's debt and saw private bondholders take a cut of about 75 per cent on the real value of their investment."
'via Blog this'
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