Athens Macedonian News Agency: News in English, 13-11-30

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From: The Athens News Agency at <http://www.ana.gr/>

CONTENTS

[01] Moody's upgrades Greece to Caa3 from C

[01] Moody's upgrades Greece to Caa3 from C

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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