Athens Macedonian News Agency: News in English, 13-11-30
CONTENTS
[01] Moody's upgrades Greece to Caa3 from C
[01] Moody's upgrades Greece to Caa3 from C
ANA-MPA - Moody's credit rating company upgraded Greece's government
bond rating to Caa3 from C on Friday, with a stable outlook.
In an announcement, it said that the short-term ratings remained Not Prime
(NP).
Among the reasons for the upgrade, Moody's Investors Service cited
"the significant fiscal consolidation that has taken place under
Greece's structural adjustment programme despite low growth and political
uncertainty," and assessed that "the government will achieve (and possibly
outperform) its target of a primary balance in 2013, and record a surplus
in 2014 in accordance with the adjustment programme."
Other reasons also included improvement in Greece's medium-term economic
outlook supported by a cyclical recovery in the economy; progress made
in implementing structural reforms and rebalancing the economy; and
the significant reduction of the government's interest burden following
previous restructurings and official sector repayment assistance.
"The key drivers taken together reduce the likelihood of further Private
Sector Involvement (PSI) being undertaken as a condition for further
financing," it said, adding, "Concurrently, Moody's has today raised
the local and foreign-currency ceiling of Greece to B3 from Caa2.
Greece had been assessed with a C rating in May 2012.
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