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Greece’s return to international debt markets in January with a issue worth 2.5 billion euros is credit positive for the junk-rated country, ratings agency Moody’s said on Friday.
“It was Greece’s first debt issued outside of a programme after almost a decade of reliance on funding from the EU and IMF,” Moody’s analyst Michail Michailopoulos wrote in a note to clients.
“Greece’s foray into international capital markets is credit positive, as it reflects improving investor confidence and paves the paves the way for Greece returning to full market-based funding.”
Moody’s rates Greece ‘B3’ – six notches below investment grade – with a positive outlook. [reuters]
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