(MENAFN) Standard & Poor's raised Greece's sovereign credit rating from selective default to B-, with a stable outlook, reported Xinhua News.
The ratings agency attributed the move to the strong determination of member states of European Economic and Monetary Union to maintain the country's membership in the one-currency bloc.
The agency said that as a result of the Greek government's determination to carry out fiscal and structural adjustment on the way to recovery, the international rating agency has upgraded Athens' short-term credit rating to B and the long- term rating to B-.
Recently, the country's debt crisis has witnessed several positive developments, including the Euro Group's endorsement for the release of the next bailout aid and the successful debt buyback plan.
It is worth noting that on the 5th of the current month, S&P had slashed the debt-ridden country's rating to selective before the Greek bond buyback program, which lessened the country's debt load by nearly USD26.4 billion.