Greek bond rating

ATHENS, Greece – Moody’s ratings agency late Friday upgraded Greece’s government bond rating, predicting a gradual decline of its massive national debt.

In Friday’s announcement, the agency said it had raised the Greek rating by two notches from Caa3 to Caa1 – still below investment grade.

Greece is set to emerge from recession this year for the first time since 2008 after being rescued by an international bailout four years ago and imposing years of severe austerity measures.

Friday’s action follows a similar move made by rating agency Fitch in May.