Moody’s raises Greece’s rating by two notches on reforms boost

Moody’s Investors Service raised Greece’s local and foreign currency issuer ratings to B1 from B3 on Friday, citing the effectiveness of its reform program.

"While progress has been halting at times, with targets delayed or missed, the reform momentum appears to be increasingly entrenched, with good prospects for further progress and low risk of reversal," Moody's said.

Moody’s changed its sovereign outlook to “stable” from “positive”.

Medium-term growth prospects for Greece will remain low unless investment accelerates significantly, Moody’s said.

[Reuters]