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Moody's ups GGB rating by two notches, on par with S&P and Fitch
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Return to investment grade overshadowed by flood destruction
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Scope Ratings second to give Greece investment grade as attention turns to key players from Sep
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New 15-yr issuance and bond switch smooth maturity profile further, although at steep yield
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Bond re-opening with 4 pct yield completes debt strategy for year
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Fitch takes no rating action as fiscal continuity remains crucial to investment grade
Rising bond yields a concern, but not an immediate fiscal problem

Greece’s rising bond yields have begun attracting attention domestically and internationally as the low-yield environment becomes a thing of the past. Although these developments are justifiably causing some concern, they should not at this stage be the cause of excessive anxiety, especially in the fiscal context.
Last August, Greece enjoyed the lowest ever yield on its sovereign debt, assisted by the loose monetary policy adopted by the ECB, which waived the minimum requirement for Greek bonds (GGBs) and included them in the emergency programme (PEPP) that was i...
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