Fitch Ratings has upgraded Greece's Long-term foreign and local currency Issuer Default Ratings (IDRs) by one notch to 'CCC' from 'CC' on Tuesday. The reason for the upgrade was a deal between Greece and its international lenders on the third bailout programme.

"The 14 August agreement reached between Greece and the European Institutions on the framework for a third official bailout programme has reduced the risk of Greece defaulting on its private sector debt obligations," the agency said.

Fitch pointed out that "the political situation in Greece remains unpredictable".