Greece Upgraded as Fitch Says Debt Swap Reduces Default Risk

Greece’s credit rating was lifted out of the default category by Fitch Ratings on optimism that a debt swap will reduce the risk that the country eventually reneges on its obligations.

Greece was raised four levels to B- from restricted default and given a stable outlook by Fitch, according to an e-mailed statement today in London. New government bonds have a B-rating, while debt that is not governed by Greek law has a C rating pending settlement on April 11, Fitch said.