S&P upgrades Greece's credit rating after European bailout

Standard & Poor's has raised Greece's credit rating after a European bailout reduced the chances of the country's government defaulting on its massive debts during the next year.

Greece's rating now stands at "CCC+" in an upgrade announced Tuesday. That classification means Greece is still on shaky financial ground, but less likely to face an immediate credit crisis.

S&P had previously rated Greece as "CCC-," a category signaling that loan payments are likely to be missed within six months.

Greece was on the brink of reneging on part of its national debt of 320 billion euro ($347 billion) earlier this month until agreeing to a series of concessions to obtain short-term financing from other European nations.

S&P still believes there is a one-in-three chance that Greece will leave the eurozone.