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.

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.

During its financial crisis, Greece required international bailouts to stay afloat after a series of credit downgrades cost the country access to international bond markets.

In return, successive governments slashed spending, hiked taxes and imposed sweeping economic reforms, in a deeply resented shock therapy that saw a drastic drop in incomes and a spike in unemployment before the economy recovered.

Source: Ekathimerini.com