Greece’s center-right government has welcomed a credit rating upgrade by Moody’s, the last major ratings agency to lift junk status on government bonds that began 15 years ago during a severe debt crisis.

Moody’s has upgraded Greece’s credit rating from Ba1 to Baa3, signaling improved public finances and increased confidence in the country’s economic stability. This milestone marks the end of Greece’s 15-year junk status,

Moody's on Friday upgraded Greece's rating to Baa3 from Ba1 on Friday, rating the country at investment grade.

“ (This) upgrade marks the closing of a great cycle for the Greek economy and certifies the country's return to European normality,” Finance Minister Kostis Hatzidakis said, describing the action as “a success not only of the government, but of all Greeks”.