Fitch just RAISED its rating on Greece's debt

On Tuesday, the ratings agency raised its rating on Greece's debt, albeit from a pitiful 'CC' to a slightly less brutal 'CCC.' These ratings are both well below investment grade.

In its release on Tuesday, Fitch wrote that, "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."

Fitch notes, however, that, "the risks to the programme's success remain high. It will take some time for trust to be restored between Greece and its creditors, which increases the risk of delayed programme reviews. Meanwhile, the political situation in Greece remains unpredictable."

So, Greece still has a long way to go, despite having a new agreement.

For one, Greece and its European creditors are still battling a seemingly entrenched IMF that doesn't want to be involved in a Greek bailout that doesn't involve debt restructuring.

Additionally, Greece's plan to privatize €50 billion in assets is, as we've noted, quite a stretch.

And again, Fitch's upgrade is heavily hedged and the situation is still a long way from resolved or even anything resembling "settled."

But there's a least a touch of good news for Greece. For now.

Read Fitch's full statement here »