Moody's upgrades Greece's rating

 

CNC

Moody's ratings agency has upgraded the Greek government bond rating by two notches. 

 

The move verifies that Greece restores its image to international investors.

 

The Greek government welcomed on Saturday Moody's upgrade..........................................................

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The upgrade is regarded as an acknowledgement of progress achieved towards economic recovery.

 

Moody's late Friday upgraded Greece's government bond rating from Caa3 to Caa1, predicting a gradual decline of its massive national debt.  

   

However, the rating is still below investment grade.

 

The agency is also citing a continued commitment by the government to improve public finances.   

   

Greece is set to emerge from recession this year for the first time since 2008, after being rescued by an international bailout four years ago and imposing years of severe austerity measures.   

 

And the efforts made by Greek people and the government for a quick return to high growth rates are recognized.

   

International credit rating agencies downgraded Greece's credit rating to junk status, after the start of the debt crisis in late 2009 which brought the country at the brink of default.

   

Following the implementation of a painful austerity and reform program, Greece is expected to return to growth this year after six years of steep recession.

 

Meanwhile, rating agencies have gradually upgraded the country's sovereign credit rating.

 

Friday's action follows a similar move made by rating agency Fitch in May.    

   

Jean-Claude Juncker, President-elect of the European Commission, is due to visit Athens on Monday in his first trip since his election by the new European Parliament last month.   

   

He is due to meet Greek Prime Minister Antonis Samaras to express support for the country's ongoing effort to make its public finances sustainable.