Summary Box: S&P upgrades Greece after writedown

AP News

5/2/2012 1:44:40 PM - AP News

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.