Wednesday, March 14, 2012

Fitch upgrades Greek credit rating

Maybe if I stop paying my mortgage, give my bank manager a deal where he is forced to write off 74% of my loan I to can get an improved credit score and a reduced interest rate. 

(Reuters) - Greece is no longer in default but slow reforms, political uncertainty and recession could push it back towards bankruptcy, Fitch Ratings said on Tuesday after Athens completed the largest debt restructuring in history.

Fitch assigned Greece a speculative B- rating, becoming the first major rating agency to lift the country out of default territory after the debt swap cut Athens' debt mountain by about 100 billion euros, or close to a third.

It was the first time Greece's rating had been upgraded since the debt crisis erupted at the end of 2009 and the first Fitch upgrade since 2003, but the B- rating still places Greek government bonds firmly in "junk" territory.

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