Moody's raises Greece's sovereign debt rating by two notches

The financial rating agency Moody's upgraded Greece's long-term sovereign debt rating by two notches, from Ba3 to Ba1, in a final step before exiting the speculative grade category.

The agency stated in a release that Greece's public finances, institutions, and banking system are undergoing "profound changes," which will allow for significant improvements in the criteria considered for the rating and thus enhance its "resilience to potential future shocks."