Fitch upgrades Greece to CCC

Fitch Ratings said it upgraded Greece's long-term foreign and local currency issuer default ratings to CCC from CC and the issue ratings on its senior unsecured foreign and local currency bonds to CCC from CC.

The short-term foreign currency issuer default rating was affirmed at C and the country ceiling was raised by one notch to B- from CCC.

Fitch said the August 14 agreement reached between Greece and the European Institutions on the framework for a third official bailout program has reduced the risk of Greece defaulting on its private sector debt obligations. An initial disbursement of about €23 billion is expected this week and will ease the acute liquidity strain of recent months, covering the repayment of €3.2 billion of bonds held by the Eurosystem maturing on Aug. 20, 2015, as well as a European Financial Stabilisation Mechanism bridging loan maturing in September.

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