Shares of the Global X FTSE Greece 20 ETF (NYSE:GREK), the lone Greece-specific ETF, are up just 0.3 percent on Tuesday, but are trading near the highs of the day after Standard & Poor's upgraded Greece's credit rating. The ratings agency boosted Greece's sovereign credit rating to B- with a stable outlook from selective default.
A sovereign rating of B- still puts Greece deep into non-investment grade territory and it means the country has same rating on the S&P scale as Belarus and Jamaica. S&P cited the determination of other eurozone members to keep Greece in the fold as one reason for the upgrade.
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Analysts and traders have previously speculated that if Greece did not adopt austerity measures and engage in bond repurchases, it would be at risk for becoming the first country to be dropped from the common currency scheme.
Despite a spate of headlines that could be perceived as negative this year, GREK has surged almost 18.5 percent since the start of the year. In the past month, GREK has jumped 7.3 percent. GREK, which debuted in December 2011, has $20.4 million in assets under management, according to Global X data.
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