TEXT-S&P raises issue rating on untendered Greek bonds to 'CCC'

May 25 - Standard & Poor's Ratings Services said today that it has raised
its issue rating to 'CCC' from 'D' on the Hellenic Republic's untendered bonds
(governed by foreign law) following the timely payment of principal and interest
on some untendered bonds due on May 15, 2012, totaling the equivalent of
approximately EUR435 million. Debt issues affected by this rating action pertain
to untendered debt from the first quarter of 2012 debt exchange.

The 'CCC' rating on these bonds is the same as our issuer credit rating on
Greece (see "Ratings On Greece Raised To 'CCC' From Selective Default
Following Completion Of Debt Exchange; Outlook Stable," May 2, 2012).

At the same time, we note the Greek government has stated that this payment
should not be construed as setting a precedent for other untendered debt.

RELATED CRITERIA AND RESEARCH

Related Criteria
-- Sovereign Government Rating Methodology And Assumptions, June 30, 2011
-- Criteria For Determining Transfer And Convertibility Assessments, May
18, 2009
-- Rating Implications Of Exchange Offers And Similar Restructurings,
Update, May 12, 2009
-- Introduction Of Sovereign Recovery Ratings, June 14, 2007

Related Research
-- Sovereign Ratings And Country T&C Assessments, May 23, 2012
-- Ratings On Greece Raised To 'CCC' From Selective Default Following
Completion Of Debt Exchange; Outlook Stable, May 2, 2012
-- The Unfolding Story Of Greece's Credit Rating: Links To Our Research
And Criteria, March 20, 2012
-- Sovereign Defaults And Rating Transition Data, 2011 Update, March 2,
2012
-- Greece Ratings Lowered To 'SD' (Selective Default), Feb. 27, 2012
-- Retroactive Application Of Collective Action Clauses Would Constitute
A Selective Default By Greece, Feb. 10, 2012
-- Long-Term Sovereign Rating On Greece Cut To 'CC' On Likely Default;
Outlook Negative, July 27, 2011
-- Distressed Sovereign Debt Exchanges: Examples From The Past And
Lessons For The Future, June 28, 2011
-- Credit FAQ: When Would A "Reprofiling" Of Sovereign Debt Constitute A
Default?, June 3, 2011

RATINGS LIST
Upgraded
To From
Greece (Hellenic Republic)
Senior Unsecured CCC D

Complete ratings information is available to subscribers of RatingsDirect on
the Global Credit Portal at www.globalcreditportal.com. All ratings affected
by this rating action can be found on Standard & Poor's public Web site at
www.standardandpoors.com. Use the Ratings search box located in the left
column.