S&P lifts Greece

Standard & Poor's said it raised its long-term foreign and local currency sovereign credit ratings on Greece to B- from SD.

The agency said it also raised the short-term foreign and local currency sovereign credit ratings on Greece to B from SD.

As a result, the agency said it raised the ratings on all the outstanding issues, including those guaranteed by Greece, to B-/B. The outlook is stable.

S&P said the rating action reflects the completion on Dec. 17, of Greece's distressed debt buyback in tandem with approval by the Eurogroup of a loan disbursement to Greece under the second economic adjustment program.

The agency said it views the euro zone member states' decision to provide material cash flow relief to Greece as indicative of their determination to restore stability to Greek finances, and to preserve Greece's euro zone membership.

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