Fitch Ratings Services today announced it has upgraded Greece's Long-term foreign and local currency Issuer Default Ratings to B- with Stable Outlooks from Restricted Default, citing the 96 percent participation in the distressed debt exchange.

The rating actions follow the official confirmation of a 96% participation in the distressed debt exchange (DDE) and the initial exchange of EUR177bn of Greek-law bonds for new securities., Fitch said today on its official website.

In fact, the third-biggest rating agency is the first to take a fully unexpected move after Athens sealed a debt swap with its private creditors to cut its debt by about 177 billion euros as well as a new EU/IMF rescue plan.

The 17-nation common currency rose on the upgrade to reach $1.3111.