What credit rating changes tell us about emerging markets

There were several credit rating changes in February that were significant for emerging markets (EM).

Moody's upgraded Greece from Caa2 to B3 with a positive outlook. In the previous weeks, S&P and Fitch had also upgraded the country. But the B3 from Moody's is still six notches below investment grade, so Greece still has a long way to go.  Why South Africa is poised for reversal of fortune after Zuma exit The upgrade was based on expectations that Greece will finish its third adjustment programme successfully and that it will be able to finance itself in the market again.  Moody's also mentioned the creditors' strong commitment to providing further debt relief. More rating upgr...