DBRS changes Greece to positive

DBRS said it confirmed Greece’s long-term foreign and local currency issuer ratings at CCC (high), and changed the trend from stable to positive.

In addition, the agency confirmed the short-term foreign and local currency issuer ratings at R-5 and maintained the stable trend.

DBRS said the positive trend reflects a view that the current official-sector financial support program for Greece has eased the financial-sector liquidity squeeze and the economy has returned to growth.

The CCC (high) rating reflects Greece’s very high level of public-sector debt and the political challenge that the Greek authorities and the institutional creditors face in placing this debt on a firm downward path.

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