(VOVworld) - Ratings agency Fitch upgraded its credit rating for Greece by one notch on Tuesday, saying the latest bailout deal Greece struck with its foreign lenders reduced the chance of default.

A group of tourists take a selfie in front of the temple of the Parthenon atop the Acropolis in Athens, Greece. (Photo: Reuters)

The agency upped Greece's long-term foreign and local currency Issuer Default Rating (IDR) to "CCC" from “CC” and said it also raised Greece’s rating on senior unsecured foreign and local currency bonds to the same grade. Fitch gave short-term foreign currency IDR a "C" grade, and said it raised the country ceiling to "B-" from "CCC." Greece is expected to begin a third European bailout program after ministers agreed to a deal framework last week. Fitch said it will take some time for trust to be restored between Greece and its creditors, but it is not sure if the International Monetary Fund will take part in the third bailout package.