Global credit rating agency Fitch Ratings has upgraded Greece out of “restricted default” to a “B minus” rating with a “stable outlook.”

But the agency said that the new “B minus” rating still places Greece in junk status, showing that the nation’s payment capabilities remain uncertain.

Fitch said the upgrade reflects Athens’ huge debt write-down through a bond swap with private creditors.

Ninety-six percent of private creditors have agreed to participate in the massive bond swap worth 172 billion euros issued under Greek law.

The ratings agency said that the debt restructuring has significantly reduced the Greek government’s liabilities and lowered the possibility of Greek declaring a default in the near future.