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Greece's rating confirmed at Caa3 and the outlook changed to stable – Moody’s

FXStreet (Mumbai) - Over the weekend, Moody's Investors Service confirmed Greece's government bond rating at Caa3 and changed the outlook to stable. This rating action concludes the review for downgrade that commenced on 1 July 2015.

Moody’s noted that he key drivers behind the confirmation are the approval of the third bailout programme, and the emergence of a political configuration that is slightly more supportive than its predecessors for the implementation of reforms which the programme will require.

Further, the stable outlook reflects Moody's view that the risks to creditors are now broadly balanced given that the recent election resulted, for the first time since 2010, in significant representation in parliament of parties that have broadly supported the third bailout package.

The local- and foreign-currency bond ceilings remain at Caa2. The local- and foreign-currency bank deposit ceilings remain at Caa3.

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