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Jun 23, 7:46 PM EDT

Moody's upgrades Greece rating after bailout deal

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ATHENS, Greece (AP) -- Moody's has upgraded Greece's bond rating after the country reached a deal this month with bailout lenders for continued rescue fund payments.

The credit ratings agency said late Friday that it was revising Greece's investment status up one notch, from Caa3 to Caa2, after the country received a cash installment pledge worth 8.5 billion euros ($9.5 Billion) from international creditors in exchange for a new round of austerity measures.

Moody's said Greece shows "tentative signs of (an) economy stabilizing" but added that "it is too early to conclude that economic growth will be sustained."

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