Moody's says enhanced surveillance is credit positive

Moody's Investors Service said in an annual report on Thursday that Greece's (B3 positive) credit profile is supported by the substantial debt relief granted by the country's euro-area creditors in June, while the enhanced surveillance of the country is a credit positive development for the international ratings agency.

"The debt relief package ensures that Greece's debt-service obligations will be very manageable over the next 10 years, supporting the government's return to private capital market funding after a decade of reliance on official-sector financial support," it stated.

"The debt relief package is a significant benchmark in Greece's recovery from its deep economic, fiscal and financial crisis," said Kathrin Muehlbronner, a Moody's senior vice president and author of the report: "It reflects both the significant progress achieved by the Greek authorities...