Economy Commissioner Paolo Gentiloni described Greece’s return to investment grade as “good news”, after it was upgraded by DBRS on Friday.

“The fact that Greece has returned to investment grade in this first rating agency is good news, of course for the EU, the eurozone and especially for Greece,” underlined Paolo Gentiloni.

At the same time he added that “this positive news is particularly important also as in recent months Greece has been faced with a number of natural disasters and the fact that from a macroeconomic and economic point of view there is this progress is very good for the country”.

On Friday, the Canadian rating agency DBRS gave Greek bonds an investment grade, upgrading their rating to BBB(low) with stable outlook from BB(high) with stable outlook.

It is the first of the four houses recognized by the European Central Bank, which gives Greece the investment grade again after 13 years.