Standard and Poor's raises Greece's credit rating

  • Ratings agency Standard and Poor's raised the credit rating of Greece's sovereign debt by six levels on Tuesday.

    The decision comes on the back of the "strong determination" of fellow euro zone nations to help it remain a member state.

    S&P increased Greece's rating from "selective default" to "B-minus".

    The agency also welcomed the ongoing efforts of the Greek government to cut its spending.

    Greece is currently in the process of receiving the second of two bailouts.

    Last week, the Mediterranean nation started to receive the latest instalment of the funds from the European Union and the International Monetary Fund.

    They agreed to release $57 billion.

    Greece was given a $138 billion package in May 2010 followed by a further $163 billion package in October last year as well as a $126 billion debt write-off.