Fitch Ratings has affirmed Greece's long-term foreign and local currency issuer default ratings at 'CCC'.
The issue ratings on Greece's long-term senior unsecured bonds have also been affirmed at 'CCC'.
The short-term foreign and local currency IDRs and the rating on Greece's short-term debt have all been affirmed at 'C', and the country ceiling at 'B-'.
Fitch says the completion of the first review and approval in May of the second tranche (€10.3bn, 6% of GDP) of Greece's €86bn European Stability Mechanism programme highlights improved relations with creditors, but implementation risks are still high.
Fitch says while the agreement was reached several months later than planned the delay did not give rise to marked economic volatility.