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Moody’s Cuts Greece Government Ratings to Junk
June 14, 2010
Moody’s on Monday downgraded Greece government bond ratings into junk territory, citing the risks in the euro zone/IMF rescue package for the debt-laden country.
The agency downgraded the rating by four notches to Ba1, placing it one notch into junk status. The outlook is stable.
Moody’s [MCO 19.99 0.31 (+1.58%) ] also downgraded Greece’s short-term issuer rating to not-prime from Prime-1.
The rescue package “effectively eliminates any near-term risk of a liquidity-driven default and encourages the implementation of a credible, feasible, and incentive-compatible set of structural reforms, which have a high likelihood of stabilizing debt service requirements at manageable levels,” said Moody’s senior analyst Sarah Carlson.
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