Moody's upgrades Greece by two levels

Moody's has increased Greece's debt rating by two notches to Caa3 from C and said the country's outlook is stable, citing its progress in fiscal consolidation and a "cyclical recovery in the economy."

Moody's expects Greece to "achieve (and possibly outperform) its target of a primary balance in 2013, and record a surplus (of 1.5%) in 2014."

The ratings agency forecasts that GDP will fall 0.5% in 2014 but grow 1% in 2015.

S&P and Fitch rate Greece at B-, six levels below investment grade. Moody's ranking is nine below the threshold.

Moody's move comes as Greece and the Troika try to negotiate a deal that would provide the country with another €1B in rescue money.


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