ATHENS, Greece (AP) — Greece’s center-right government on Saturday welcomed a credit rating upgrade by Moody’s, the last major ratings agency to lift junk…
Greece’s center-right government on Saturday welcomed a credit rating upgrade by Moody’s, the last major ratings agency to lift junk status on government bonds that began 15 years ago during a severe debt crisis.
“(This) upgrade marks the closing of a great cycle for the Greek economy and certifies the country’s return to European normality,” Finance Minister Kostis Hatzidakis said, describing the action as “a success not only of the government, but of all Greeks.”
Moody’s announced the upgrade to Baa3 from Ba1 late Friday. It cited public finances that “have improved more quickly than we had expected” as a key factor in its decision.
The agency highlighted the government’s policy stance, institutional improvements and stable political environment, saying it expects Greece to “continue to run substantial primary surpluses which will steadily decrease its high debt burden.
