Credit rating agency Fitch has lifted Greece's rating out of default territory after the country completed a debt swap that cut its debt by about €100 billion.
Fitch raised Greece to B-, which is still junk status, with a stable outlook. This means Fitch is unlikely to change the rating in the near future.
The rating applies to the new bonds the country issued under Greek law under the bond swap. The move had been widely expected.
In last week's agreement, an overwhelming majority of private investors holding Greek debt agreed to the deal, which will see them face real losses of more than 70% on their holdings.
Fitch said that, while it was possible to see Greece's debt level moving to around 120% of GDP by 2020 as targeted by the EU/IMF, this outcome would depend on Greece's implementation of economic reforms and the "uncertain" performance of the Greek economy.
