Standard and Poor's ratings agency has upgraded Greeces' credit rating by one notch, from 'B' to 'B+', citing reduced debt servicing risks following a deal last week with the country's international creditors.
The ratings agency also said late on Monday that Greece's outlook is stable.
Despite the upgrade, Greece's rating remains well within junk, or non-investment grade, territory. That means some investors will be precluded from investing in Greek bonds, and others will demand a high return on their investment to do so.
Last week, Greece's European creditors and the International Monetary Fund decided to provide another debt relief package to help wean the country off its rescue loans ahead of the end of the country's eight-year bailout program in August. But Greece will remain under enhanced supervision from its creditors.