Greece’s debt rating lifted out of default category

Greece’s sovereign debt rating was lifted out of the default category by Standard & Poor’s after the country completed the largest debt restructuring in history.

Greece completed the third settlement in its €206bn debt exchange on Apr 25 after private investors agreed to write down about €100bn in the face value of their Greek bond holdings.

S&P downgraded the issuer rating to SD from CC on Feb 27 after the country inserted collective action clauses into Greek bonds to force investors to take part in the exchange.