Moody’s regards last week’s debt relief package for Greece, extended by its European institutional creditors, as a credit positive event, with the agency releasing a report on Monday morning.
“We expect the agreement to pave the way for the government to return to capital market funding on a sustained basis, a credit positive… We consider the package a significant benchmark in Greece’s ongoing recovery from its deep government debt, economic and banking crisis,” the Moody’s report stated.
Eurozone finance ministers at the Eurogroup setting on Friday approved maturity extensions on loans granted to Greece as part of the second bailout, as well as a 10-year deferment in most payments.
The international ratings agency said the thrice bailed out country would face only “very moderate” refinancing needs in the coming decade.
Moody’s rating for Greece is currently at B3 positive.
