Economy

xchrom

(108,903 posts)

43. Ratings agency Moody's downgrades Greece

Sat Mar 3, 2012, 11:26 AM

Mar 2012

http://hosted.ap.org/dynamic/stories/E/EU_GREECE_FINANCIAL_CRISIS?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2012-03-02-19-26-53

ATHENS, Greece (AP) -- The ratings agency Moody's downgraded Greece to the lowest rating on its bond scale late Friday, following a deal with private investors that would see them ultimately lose an estimated 70 percent of their holdings in Greek debt.

Moody's lowered Greece's sovereign rating to C from Ca, arguing that the risk of default remains high even a bond-swap deal with banks and other private investors, due to be completed this month, is successful.

It said it would "re-assess the credit risk profile" after Greece issues the new bonds.

Ratings agency Standard & Poor's took similar action on Feb. 27.

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