The Fitch ratings agency has upgraded Greece to B- from “restricted default” after the country carried out the biggest debt writedown in history in a bond swap with private creditors.

Fitch said on Tuesday that it had upgraded its rating and assigned a “stable outlook.”

It gave a B minus rating – still junk status – to the new bonds the country issued under Greek law, while keeping a C rating on foreign-law bonds as their settlement date is not until April 11.

The move had been widely expected after the new bonds were issued on Monday.

In last week’s agreement, 83.5 per cent of private investors holding Greek debt agreed to the deal, which will see them face real losses of more than 70 per cent on their holdings.