Greek government bonds rally on Thursday after Moody’s upgrade

Greek government bonds are rallying on Thursday after the country’s credit rating was upgraded to B3 by Moody’s credit rating agency, the UK-based Guardian newspaper reported.

The ratings agency said Greece has achieved material fiscal and institutional improvements under its current adjustment programme, which it believes will be sustained in the coming years.

Those improvements in turn should help support the recovery of the economy as well as the banking sector, it added.