Greece: debt upgrade reflects rising investor confidence

Associated Press

ATHENS, Greece (AP) — Greece says a two-notch upgrade of its debt rating by Moody's Investors Service is a sign of renewed investor confidence in the country's economy.

The finance ministry said in a statement Saturday that "reforms have started to produce results and the successive upgrades of the Greek economy show its steady upward trajectory and the regaining of investor confidence."

Moody's upgraded Greece's debt from B3 to B1 Friday. This is still four levels below investment grade; Greece's Treasury bonds are still considered "high-yield" ones or, less charitably, junk.