Moody's ratings agency upgraded Greece's credit rating by two notches late Wednesday to B3, saying the country is set to return to market-based funding following the conclusion of its current bailout program in the summer. Despite the upgrade, which follows similar moves by ratings agencies Fitch and Standard and Poor's, Greece's credit rating remains well within junk, or non-investment grade, territory. Moody's, however, noted that the risk of another Greek default or restructuring on debt owed to private investors has "materially declined." European institutions participating in Greece's bailout are pressing Athens to ensure that auctions proceed. This week, due to the postponed auctions, creditors delayed paying out a rescue loan installment to the government worth 5.7 billion euros ($7.1 billion).

Source: ABC News February 21, 2018 20:00 UTC