Finland Times

Greek government welcomed on Saturday the upgrade of Greece's sovereign credit rating by two notches as an acknowledgement of progress achieved towards economic recovery.

The credit rating agency lifted Greece's sovereign credit rating from Caa3 to Caa1 with a stable outlook pointing to improved fiscal consolidation indexes to justify the move.

The upgrade verifies that Greece restores its image to international investors and that the efforts made by Greek people and government for a quick return to high growth rates are recognized, a finance ministry statement said on Saturday.

International credit rating agencies downgraded Greece's credit rating to junk status after the start of the debt crisis in late 2009 which brought the country at the brink of default.

Following the implementation of a painful austerity and reform program, as Greece is expected to return to growth this year after six years of steep recession, rating agencies have gradually upgraded the country's sovereign credit rating.