Scope Ratings

Greek bonds outperformed their eurozone counterparts considerably on Monday, with the 5-year Greek note even matching Spanish paper, having received a boost from Greece's upgrade by Fitch Ratings on Friday night.

The decision late on Friday by German credit rating agency Scope Ratings to upgrade Greek debt to BBB-, that is, investment grade, comes on the heels of a similar decision by Japanese firm R&I and provides hopes that the "big four" ratings firms recognized by the European Central Bank - Fitch, Moody's, Standard & Poor's and DBRS - will move in the same direction, bestowing an investment