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Fitch Upgrades Greece's Long-Term Currency Ratings to 'CCC'

© REUTERS / Ronen ZvulunA Greek flag flutters outside the Athens stock exchange , Greece, July 27, 2015
A Greek flag flutters outside the Athens stock exchange , Greece, July 27, 2015 - Sputnik International
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Fitch Ratings said Tuesday it had upgraded Greece's Long-term foreign and local currency Issuer Default Ratings (IDRs) by one notch to 'CCC' from 'CC'.

MOSCOW/LONDON (Sputnik) — Fitch has also affirmed the country's short-term foreign currency IDR at 'C' while raising the Country Ceiling to 'B-' from 'CCC.'

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Debt-ridden Greece is due to receive 86-billion-euro financial aid ($95.26 billion at the current exchange rate) in loans over three years. It owes more than $270 billion to the International Monetary Fund, the European Central Bank and Eurozone nations.

In July, following lengthy talks, the Eurogroup reached an agreement on a new bailout package for Greece in exchange for economic reforms. The package has been approved by the Greek government.

Fitch is the world's largest credit rating agency which, along with S&P and Moody's, accounts for nearly 95 percent of credit ratings around the world.

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