Credit rating agencies

WASHINGTON - At a Washington investor meeting, Serbian Finance Minister Sinisa Mali spoke with representatives of the top US and international companies and investment funds.

Mali, who is in Washington for the IMF/World Bank Group Spring Meetings, gave a presentation of Serbia's economic performance and opportunities for investing in the country.

Canadian credit rating agency DBRS Morningstar has affirmed the Republic of Cyprus' long-term ratings, maintaining it at BBB (high) with a stable economic outlook.

The decision by Moody's to keep Greece's credit rating one step below investment grade shows once again how the problems in our judicial system cost a lot of money, in addition to their undermining citizens' confidence in institutions.

It's not the first time we've heard it. But the recent report by ratings agency Moody's cites the problems of Greece's justice system as a reason for not upgrading the country's credit rating.

The messages of the rating agency

Banks and the country's fiscal position - mainly the high debt - are the factors that prevented Moody's from upgrading Greece to investment status last week.

Moody's began upgrading the Greek economy by two notches just six months ago, on September 15.

Moody's remained on Friday the only major rating agency to maintain Greece outside the investment-grade states, as it affirmed the country's credit rating at "Ba1", with a stable outlook.

Last September the agency had raised Greece's rating two notches, from "Ba3". It has therefore maintained Greece one notch before investment level.

DBRS Morningstar confirmed on Friday night Greece's credit rating at BBB (low) with a stable outlook, having been the first major agency last year to restore the country's investment grade.

The Canada-based firm stated that its rating reflects its view that the risks in Greece are fairly balanced.

Mytilineos Holdings S.A. became the first Greek company to benefit from Greece's return to investment grade in the past few days, as the listed group is now just a step away from regaining its own investment grade, since S&P has just rated it BB+, from BB previously.