Agence France-PresseNovember 30, 2013 09:46
Credit ratings agency Moody's raised Greece's government bond ratings by two notches Friday, citing improved public finances and a better economic outlook.
Moody's action lifts Greece's ratings from "C," the lowest possible level, to "Caa3," which is still in sub-prime status. The outlook for the rating is "stable."
The higher rating was warranted, according to Moody's, after Greece took steps to improve its fiscal condition, reducing its headline deficit 74 percent since 2009 and targeting a primary surplus of close to 1.5 percent of GDP in 2014.