Fitch Ratings announced that it has upgraded Greece’s Long-term foreign and local currency Issuer Default Ratings (IDRs) by one notch to ‘CCC’, following the agreement reached with the institutions on the 14th of August.
The rating agency also raised the Country Ceiling by one notch to ‘B-‘ from ‘CCC’, while the Short-term foreign currency IDR has been affirmed at ‘C’.
According to a statement issued by Fitch “relations with the creditors have improved, as implied by the public statements from key players, although they remain delicate” and highlights the political uncertainty and prospect of snap elections.
