(MENAFN) China's Dagong Global Credit Rating Co., a ratings provider, stated that it raised Greece's local and foreign currency sovereign credit rating to CC from D, with a negative outlook, reported Xinhua News.
The company said that the decision comes as Athens avoided a default on its debts, adding that the bond swap cut the country's debt by more than USD129 billion.
It noted that the debt ratio of the Greek government in 2012 will grow to 172.1 percent, and to 188.6 percent next year.
It is worth noting that as Greece's austerity measures and structural reforms will lower domestic demand, and weak global economic recovery will hold back its export growth, the country will remain in recession.
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