Japanese boost to Greek credit rating

Japanese rating agency "Rating and Investment Information" (R&I) on Monday delivered a considerable vote of confidence in the prospects of the Greek economy, upgrading Greece by two notches to BB with a stable outlook. This has brought Greece within two notches from investment grade.

Although R&I is not part of the big four (Fitch, S&P, Moody's and DBRS Morningstar), the decision by the Japanese firm is seen as one more important step for Greece on the way to normalcy.

As Finance Minister Christos Staikouras said on Monday, as much as R&I is not considered an eligible agency by the European Central Bank, the move came eight months after the previous upgrade (in April) and the new rating is higher than all other agencies, standing just two points before the coveted BBB- level that constitutes investment grade. Staikouras noted that this highlights the change in...