Moody's upgrades Greece rating after bailout deal

Markets Associated Press

Moody's has upgraded Greece's bond rating after the country reached a deal this month with bailout lenders for continued rescue fund payments.

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The credit ratings agency said late Friday that it was revising Greece's investment status up one notch, from Caa3 to Caa2, after the country received a cash installment pledge worth 8.5 billion euros ($9.5 Billion) from international creditors in exchange for a new round of austerity measures.

Moody's said Greece shows "tentative signs of (an) economy stabilizing" but added that "it is too early to conclude that economic growth will be sustained."