Greece hopes for investment boost after key credit rating upgrade

A major international agency on Friday upgraded Greece's credit rating to investment grade, a move that is expected to boost investor confidence in the formerly bailout-dependent country.

Despite a series of previous upgrades, Greece had until now failed to regain the investment grade it lost at the start of the 2009-2018 financial crisis that brought the country to the brink of bankruptcy.

DBRS Morningstar said in a statement that its decision to upgrade Greece to BBB (low) from BB (high) reflects its view that Athens "will remain committed to fiscal responsibility, ensuring that the public debt ratio stays on a downward trend."

DBRS is one of the four ratings agencies taken into account by the European Central Bank. The others, Fitch, Standard & Poor's and Moody's, rate Greece at just below investment grade.

"This is a very significant development for...