S&P lifts Greece

Standard & Poor's said it raised the long-term local- and foreign-currency sovereign credit ratings on the Hellenic Republic (Greece) to CCC from SD (selective default).

S&P also said it raised the short-term foreign- and local-currency sovereign credit ratings to C from SD.

The outlook is stable.

The action reflects the completion in April of Greece's distressed-debt exchange, S&P said.

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