Moody's upgrades Greece's bond rating to Caa1 from Caa3

Fri Aug 1, 2014 5:10pm EDT

Aug 1 (Reuters) - Moody's Investors Service upgraded Greece's government bond rating to Caa1 from Caa3, citing the progress in implementing structural reforms.

The outlook on the rating is stable.

The ratings agency said Greece's short-term debt rating is unaffected and remains "Not Prime".

Moody's said it expects the general government debt-to-GDP ratio to decline in 2015, after peaking this year at around 179 percent of GDP. (bit.ly/1qQrGrp)

Moody's said the improvement in Greece's economic outlook, based on both a cyclical recovery and the progress made in implementing structural reforms and rebalancing the economy, supports the downward trajectory of the public debt ratio.

Moody's has also raised the local and foreign-currency country ceilings for long-term debt and deposits to Ba3 from B3. (Reporting By Tanvi Mehta in Bangalore)

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