Thanassis Stavrakis, Associated Press
A woman reads a paper in front of a shop selling old stereo systems in Athens, Tuesday, July 21, 2015. Banks reopened Monday for the first time in three weeks. But for most Greeks, already buffeted by six years of recession, Monday was all about rising prices as tax hikes demanded by creditors took effect.

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.