Moody’s on Friday maintained its stricter evaluation of Greece’s credit-worthiness by leaving the country a notch below investment grade status, with the country’s credit rating remaining at “Ba1” and with a stable outlook.

Moody’s remains the only major credit ratings firm still assessing Greece as below investment grade.

The next possibility for a Moody’s upgrade will be in September 2024.

The US-based agency last September raised the country’s rating by two notches, up from “Ba3”.

Moody’s is considered the strictest of the credit rating agencies that the European Central Bank considers in assessing Eurozone member-states’ credit-worthiness. Standard & Poor’s, Fitch Ratings, DBRS Morningstar and Scope Ratings have already restored Greece to the investment grade level since 2023.

Moody’s also the first agency to consider Greek sovereign bonds as “junk” during the advent of the sovereign debt crisis in 2010.

S&P will issue its latest periodic review of Greece’s ratings on April 19.