Greek Bond Swap Plan Credit Positive Moody's Says
Greece's latest offer for a bond swap is another step towards restoring its access in capital markets and it is credit positive, Moody's said on Monday.
The credit rating agency, in an announcement, said that the bond swap plan will not affect Greek debt and its average maturity in general terms, but it will transform low-liquidity PSI bonds into more liquid benchmark bonds, adding: "The PSI bonds created during the restructuring of the Greek debt in 2012 and their exchange is another positive step for the Greek credit rating towards Greece's return to international capital markets".
"The July swap reduced debt payments for 2019 and extended the average maturity of the country's debt," Moody's said, adding that the debt swap was structured to keep the average maturity of Greek debt generally unchanged.
ANA-MPA