June 26, 2017 / 8:41 AM / 2 months ago

Greece's 10-year borrowing costs drop to lowest since 2009 after Moody's upgrade

LONDON, June 26 (Reuters) - Greece's 10-year borrowing costs dropped to their lowest level since 2009 after Moody's updated the country's credit rating on Friday.

The ratings agency upgraded Greece's long-term issuer rating to 'Caa2' from 'Caa3' following the extension of a credit lifeline by euro zone governments. It also changed the outlook to positive from stable and said it saw tentative signs of the economy stabilising.

The yield on Greece's benchmark 10-year government bond was down 7.5 basis points to 5.424 percent, its lowest since December 2009. (Reporting by Abhinav Ramnarayan, editing by Nigel Stephenson)

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