Greece's credit rating was upgraded from CCC to B- with a stable outlook by international credit ratings agency Fitch, Greek media reported on Tuesday.

The raise came as the country's efforts to counter the debt crisis that sent shockwaves globally since 2010, have been praised by international lenders and analysts recently.

Fitch's analysts justified the upgrade, noting that the risk of a Greek default and exit from the eurozone has declined.

They noted that Greece has made progress in fiscal consolidation and pledges to accelerate the needed structural reforms. Endi

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