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.