Standard & Poor’s may have just come to the rescue of Greece in a better or more clear manner than what the European nations have tried to do all along. The ratings agency has just affirmed Greece’s “BBB/A-2” ratings. While the outlook is “Negative” the country is off of credit watch. While it was not mentioned in the ratings call, the National Bank of Greece SA (NYSE: NBG) is reacting favorably as the proxy for the country.
S&P views the Greek government deficit reduction package as appropriate to meet its 2010 budget targets given the deterioration of its growth prospects in the year.
S&P affirmed the BBB+/A-2 sovereign credit ratings on Greece and is removing those ratings from CreditWatch Negative. This outlook reflects the view of the Greek government’s ability to sustain reform momentum in the medium term.
National Bank of Greece SA (NYSE: NBG) is now up 2.8% a $4.44 and we have already seen 3.9 million shares trade in less than two hours since the market opened.
JON C. OGG
Cash Back Credit Cards Have Never Been This Good
Credit card companies are at war, handing out free rewards and benefits to win the best customers. A good cash back card can be worth thousands of dollars a year in free money, not to mention other perks like travel, insurance, and access to fancy lounges. See our top picks for the best credit cards today. You won’t want to miss some of these offers.
Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.