The recent upgrading of the country’s credit rating is a positive development towards a restoration of investment grade ratings for Greek bonds; also, 2017 saw a significant decline in the high yields of Greek government bonds.
The fact, however, that Greece still has the lowest credit rating in the euro area, five notches below investment grade, means that, as soon as Greece exits the programme, Greek bonds will no longer be eligible as collateral for access to low-cost refinancing from the ECB.