A credit rating is an evaluation of the credit risk of a prospective debtor, predicting their ability to pay back the debt, and an implicit forecast of the likelihood of the debtor defaulting.
The Greek Finance Ministry has welcomed the new upgrade of Greece’s credit rating by Moody’s as one more sign that Greek economy is recovering from the debt crisis.
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The credit rating agency upgraded Greece’s rating by two notches late on Wednesday to B3 from Caa2, noting that the country is heading towards a successful completion of its third bailout this summer and return to international markets.
The new upgrade which comes after similar upgrades by other rating agencies lately show that there are positive expectations for the Greek economy in following months and years commented the Finance Ministry in a statement on Thursday, a Chinese news agency reported.
“The government continues to work steadily and intensively, committed to the country’s final exit from the programme in August 2018,” the ministry said.
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