Moody’s Affirms Greece Baa3 Rating, Outlook Raised to Positive

The positive outlook signals that Moody's sees the balance of risks tilting toward an upgrade, even with debt staying among the highest in its rated universe. That matters less for the rating level than for the direction of travel, since a positive outlook typically precedes a rating action rather than following one. The open question is whether the factors behind the improved credit profile persist long enough to convert the outlook into an upgrade, or whether the still-elevated debt burden caps the upside.