WRITEDOWN UPGRADE: The Standard & Poor's ratings agency lifted Greece's credit grade out of default on Wednesday after the country completed a massive debt writedown with private creditors.
STABLE OUTLOOK: It upgraded the country from selective default to `CCC', still in junk status, and gave it a stable outlook, which means no further ratings changes are being considered.
HELLENIC HAIRCUT: Athens finalized its bond swap, the largest in history, on April 25. The deal wiped (EURO)100 billion ($132 billion) off Greece's debt and saw private bondholders take a cut of about 75 percent on the real value of their investment.
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