Moody's Investors Service

It's not the first time we've heard it. But the recent report by ratings agency Moody's cites the problems of Greece's justice system as a reason for not upgrading the country's credit rating.

Banks and the country's fiscal position - mainly the high debt - are the factors that prevented Moody's from upgrading Greece to investment status last week.

Moody's began upgrading the Greek economy by two notches just six months ago, on September 15.

Moody's remained on Friday the only major rating agency to maintain Greece outside the investment-grade states, as it affirmed the country's credit rating at "Ba1", with a stable outlook.

Last September the agency had raised Greece's rating two notches, from "Ba3". It has therefore maintained Greece one notch before investment level.

The door is now wide open for the entry of quality and long-term investors, who manage trillions of dollars, into the Greek bonds market: Bloomberg Index Services, a global provider of government bond indices, has become the first to include Greek bonds among the elite of the debt markets, announcing that 17 Greek bonds worth 73 billion euros are to be included in its index series as of January

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.

Fitch Ratings added itself on Friday night to the list of rating agencies that have reverted Greece to investment grade, raising its sovereign credit rating to BBB- from BB+.

What is more, Fitch said the Greek rating also has a positive outlook, which may well mean a further upgrade is on the horizon.

Fitch Ratings was added on Friday night to the rating agencies that have reverted Greece to investment grade, as it raised Greece's sovereign credit rating to BBB- from BB+.

What is more, Fitch said the Greek rating also has a positive outlook, that may well mean a further upgrade is on its way for Greece.

Scope, Europe's first ECB-approved credit ratings agency, promises to put more weight on the eurozone's improved ability to navigate crises although it has concerns about Italy and France and warns the Dutch election result could trouble its coveted triple-A grade.

A major international agency on Friday upgraded Greece's credit rating to investment grade, a move that is expected to boost investor confidence in the formerly bailout-dependent country.