Fitch upgrades Greece’s rating

Fitch Ratings has upgraded Greece’s Long-term foreign and local currency Issuer Default Ratings  to ‘B’ from ‘B-‘ with stable outlook.

The issue ratings on Greece’s senior unsecured foreign and local currency bonds have also been upgraded to ‘B’ from ‘B-‘. The Country Ceiling has been raised to ‘BB’ from ‘B+’ and the Short-term foreign currency IDR has been affirmed at ‘B’.

In the report Fitch also notes that political risk remains high and early general election in 1Q15 is the most likely scenario, although a snap election this year cannot be discounted.