Fitch upgrades Greek sovereign credit rating to B-minus

NEW YORK Tue May 14, 2013 12:28pm EDT

NEW YORK May 14 (Reuters) - Fitch Ratings on Tuesday upgraded its sovereign credit rating for Greece to B-minus from CCC citing a rebalancing of the economy and progress in eliminating its fiscal and current account deficits that have reduced its risk of a euro zone exit.

"The price has been high in terms of lost output and rising unemployment and the capacity for recovery is still in doubt. Nonetheless, sovereign debt relief and an easing of fiscal targets have lifted central bank measures of economic sentiment to a three-year high and the risk of eurozone exit has receded," Fitch said.

The rating outlook is stable, Fitch said in a statement. Greece is rated B-minus with a stable outlook by Standard & Poor's while Moody's Investors Service has a C rating on the credit. All three are still deep in junk territory.

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