Financial Post | Business

NEW YORK — Rating agency Standard & Poor’s on Tuesday raised Greece’s sovereign credit rating to B-minus with a stable outlook from selective default, citing Europe’s efforts to keep the country part of the euro.

“The upgrade reflects our view of the strong determination of European Economic and Monetary Union (eurozone) member states to preserve Greek membership in the eurozone,” S&P said.

“The outlook on the long-term rating is stable, balancing our view of the government’s commitment to a fiscal and structural adjustment against the economic and political challenges of doing so,” the agency added.

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Standard and Poor’s had cut the rating to selective default earlier this month after the Greek government invited private sector bondholders to participate in a debt buyback meant to help lower the country’s debt burden.

The rating agency said at the time that the consummation of the debt buyback would likely see the…

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