The Week-end Stock Pot Watch, Thursday, November 28th-December 1st. Holiday Edition!

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95. Greece Raised to Caa3 by Moody’s on Fiscal Progress

http://www.bloomberg.com/news/2013-11-29/greece-raised-to-caa3-by-moody-s-on-fiscal-progress.html

Greece’s credit rating was raised two levels by Moody’s Investors Service, which cited the country’s progress in fiscal consolidation and an improving economic outlook.

The country’s government bond rating was raised yesterday to Caa3 from C and given a stable outlook, Moody’s said in a statement. The ratings company said it expects Greece to “achieve (and possibly outperform) its target of a primary balance in 2013, and record a surplus in 2014.” A “cyclical recovery in the economy” is another reason for the credit grade increase, Moody’s said.

“The Greek economy is bottoming out after nearly six years of recession,” Moody’s said in the statement. The ratings company said it expects the government’s budget focus to remain on savings generated from structural reform measures as opposed to further spending cuts.

Under the accord with the troika of the European Commission, International Monetary Fund and ECB, posting a primary surplus will qualify Greece for additional debt relief.