Greek yields dip on upgrade

Greek government bond yields dipped yesterday after Fitch became the second ratings agency to upgrade it to “Single B” status, marking another milestone in the debt-laden country’s slow journey away from default territory.

The ratings agency upgraded Greece’s long-term foreign-currency issuer default ratings to B- from CCC late on Friday, citing reduced political risk and sustained economic growth.

Short-dated Greek government bond yields hit 3.25% at one stage, close to their lowest since 2009, a level hit earlier this month.