DBRS initiates Greece rating with CCC

DBRS has an important role in the euro zone, where the European Central Bank looks at four agencies – Standard and Poor's, Moody's, Fitch, and DBRS – when deciding on its haircuts, and takes the highest rating of the four.

"DBRS has today assigned long-term foreign and local currency issuer ratings for Greece at CCC (High) with a negative trend," the rating agency said in a statement.

"Greece's ratings are underpinned by the unprecedented amount of financial support the country received from its euro area partners which has had a highly beneficial effect on its cost of funding, the maturity structure of its debt and on roll-over risk."

DBRS ratings keep Italy, Spain and Ireland from having larger haircuts, or discounts, applied to their sovereign debt, making them more attractive to investors.