S&P Upgrades Greece To 'B-Minus' Following 'Selective Default'

S&P Upgrades Greece To 'B-Minus' Following 'Selective Default'

Rating agency Standard & Poor's upgraded Tuesday Greece's sovereign debt rating to "B-minus" from selective default status on the backdrop of a stable outlook to the debt-laden country.

"The upgrade reflects our view of the strong determination of European Economic and Monetary Union (euro zone) member states to preserve Greek membership in the euro zone," S&P said.

The upgrade follows a rating slash on Dec. 6 also by S&P where it downgraded Greece's credit rating to selective default from CCC, two levels above default shortly after the Greek government invited private sector bondholders to participate in a debt buyback to help lower nations’ debt burden.

Yannis Stournaras, Greece's finance minister said the move was encouraging but Greece has more work to do.