Fitch Upgrades Greece, Deems Rating 'Stable'

...But that's still junk status

By Kevin Spak,  Newser Staff

Posted May 14, 2013 12:31 PM CDT

(Newser) – We have something rare for you today, folks: Positive economic news out of Greece. Fitch has upgraded the beleaguered country's dismal credit rating from CCC to B-, saying it had made "clear progress" toward trimming its budget deficit and its risk of dropping out of the euro currency alliance, the AP reports.

Of course, that rating still leaves it in "junk" territory, but on the bright side Fitch said the outlook was "stable," meaning the rank is as likely to go down as up. The rating agency warned that despite the improvement, Greece still face challenges given the sluggish pace of economic recovery and political opposition to reform.

A state school teacher  shouts slogans, in front of a banner that reads No to The Civil Mobilization during a peaceful protest in central Athens on Monday, May 13, 2013
A state school teacher shouts slogans, in front of a banner that reads "No to The Civil Mobilization" during a peaceful protest in central Athens on Monday, May 13, 2013   (Kostas Tsironis)
A protesting teacher gestures,  during a peaceful demonstration in central Athens on Monday, May 13, 2013.
A protesting teacher gestures, during a peaceful demonstration in central Athens on Monday, May 13, 2013.   (Kostas Tsironis)
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