Moody’s verdict: Greece wins better credit rating
Moody’s also said that there is evidence that the Greek economy was “bottoming out after nearly six years of recession”. PHOTO: AFP/FILE
Credit ratings agency Moody’s raised Greece’s government bond ratings by two notches, citing improved public finances and a better economic outlook. Moody’s classification lifts Greece’s ratings from “C”, the lowest possible level, to “Caa3,” which is status rating of “stable”.
According to Moody’s, this higher rating was awarded after Greece took steps to improve its fiscal conditions such as reducing its headline deficit by 74% and target a primary surplus of 1.5% GDP in 2014. Moody’s also said that there is evidence that the Greek economy was “bottoming out after nearly six years of recession” and the medium-term prospects have also improved.
Finally Moody’s highlighted a much reduced interest burden following a restructuring of the country’s debt.
Greek Finance Minister Yannis Stournaras said “Greece hoped to reach an agreement on a deal to unlock $1.4 billion in financial bailout by the end of this year.”
Published in The Express Tribune, December 1st, 2013.