Ratings agency Standard & Poor's has upgraded Greece from selective default to 'CCC' with a stable long-term outlook, after the country completed a massive debt writedown with private creditors.

S&P said it was upgrading the country after Athens finalised the bond swap on April 25.

The debt writedown, the largest in history, saw bondholders take a cut of about 75% on the real value of their investment and aims to bring Greece's debt down from about 165% of GDP last year to about 120% by 2020.

The deal wiped 100 billion euro (£81.17 billion) off Greece's debt.

S&P notes that while the swap "alleviated near-term funding pressures," Greece's debt load remains high.

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