Standard and Poor‘s raises Greek credit rating

Ratings agency Standard and Poor’s has raised the credit rating of Greece‘s sovereign debt by six levels, praising the “strong determination” of fellow eurozone countries to help it stay as a member state. S&P has increased Greece’s rating from “selective default” to “B-minus”.

The agency also praised the continuing efforts by Greece‘s government to cut its spending. Greece is currently receiving the second of two bailouts.

Last week, Greece started to receive the latest tranche of the bailout funds from the European Union and International Monetary Fund. They agreed to release $57 billion after continuing austerity work by Greece, and a buyback of some of its debt.

A total of 240 billion euros has been earmarked for Greece from the two bailout loans. So far, Greece has received nearly $191 billion from the eurozone and the International Monetary Fund.

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Park Sae-jin swatchsjp@ajunews.com