DBRS lifts Greece currency

DBRS said it has upgraded the Greece’s long-term foreign and local currency issuer ratings to B from CCC (high).

The short-term foreign and local currency issuer ratings have been upgraded to R-4 from R-5, the agency said.

The trend on the long-term foreign and local currency ratings has been revised to stable from negative, and the trend on the short-term foreign and local currency ratings remains stable.

The upgrade reflects DBRS’ view that the risk of Greece leaving the euro area and of further rounds of restructurings of privately-held debt has declined. In addition, Greece’s progress in meeting the fiscal targets under the economic and financial adjustment program points to the likely continuation of support from the euro area creditors.

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