Standard & Poor’s announced on Thursday that it would move Greek bonds out of selective default rating when Athens completes the exchange of its foreign law notes as well.

S&P said it would assign a rating of CCC to Greek bonds when the restructuring is complete.

“The 'CCC' rating assigned to Greece's new bonds is constrained by our view of Greece's uncertain economic growth prospects, what we consider a weakening political consensus for ambitious and largely unpopular reforms, and the still-large external and fiscal debt burdens, even after the debt restructuring is concluded,” the agency said.

“The rating also reflects our view of the sizable implementation risks to the ambitious fiscal consolidation targets under the second financial assistance program for Greece. Our rating on Greece is supported by the increased average maturity of the central government debt stock and the reduction in debt servicing costs as a result of the exchange; and by the recapitalization of the banks, which we believe should help to maintain domestic depositor confidence.”