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Moody's upgrades Greece's ratings to Caa2 from Caa3

Staff Writer |
Moody’s upgrades Greece’s long-term issuers rating as well as all senior unsecured bond ratings to Caa2 from Caa3.

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The outlook has been changed to positive from stable.

The key drivers for the upgrade is the successful conclusion of the second review, the improved fiscal prospects on the back of 2016 fiscal outperformance, tentative signs of economy stabilizing.

As for the positive outlook, “the decision to assign a positive outlook to the Caa2 rating reflects Moody's view that the prospects for a successful conclusion of Greece's third adjustment programme have improved, which in turn raises the likelihood of further debt relief.”

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