Greece: Moody's Report On Greece and its Credit Profile

July 11 report - Moody's: Greece's credit profile is improving, but high public debt and uncertainties regarding effective implementation of reforms remain constraints.

"Greece's credit metrics are on an improving trend, with economic growth turning positive and the public finances on a more solid footing than in the past. The successful conclusion of the second review of Greece's third external support programme brings much needed liquidity into the economy and improves the outlook for investment inflows. At the same time, however, Greece's credit profile remains constrained by a very high level of public debt, a weak banking sector and uncertainties regarding the effective implementation of reforms, Moody's Investors Service said in a report today".

"Downward rating pressure would emerge if there are signs that the Greek authorities' willingness to implement the programme wanes or a renewed period of political uncertainty hampers the economic recovery and leads to a material deviation from the fiscal targets".

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