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Moody's upgrades Greece rating by two steps

A sign for Moody's rating agency is displayed at the company headquarters in New York, September 18, 2012Moody’s raised troubled Greece’s credit rating by two notches Friday, citing improvements to the government’s finances and its commitment to further gains. Greece will also meet the target for a primary budget surplus of 1.6 percent this year set by its bailout lenders, the International Monetary Fund, the European Central Bank and the European Commission. Greece’s economy has continued to contract this year, shrinking at a 0.9 percent pace in the first quarter, but Moody’s said this is better than expected and a great improvement on the 2013 contraction of 6.0 percent.

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