In recognition of all of Greece's achievements in recent months—and possibly to avoid being made to look the fool by hedgefunds and S&P—Fitch has awarded the country a not-so-coveted B-minus sovereign debt rating. Five more upgrades and Greece will be a borderline investment-grade opportunity!
Fitch Ratings upgraded Greece's sovereign credit rating a notch, citing Athens's progress in tackling its budget deficit and rebalancing its economy, along with a reduced risk of a Greek exit from the euro zone….
Fitch cited what it called Greece's clear progress toward cutting its deficit. It also said structural reforms have progressed , the financial system has stabilized, and considerable progress has been made on labor market policies.
Fitch noted, however, that a real economic recovery remained elusive and resistance to structural overhauls was high….
Standard & Poor's in December raised its rating on Greece to B-minus from selective default, amid a strong and clear commitment from members of the euro zone to keep Greece in the common currency bloc. It was the highest rating S&P has given Greece since June 2011.