Moody’s downgrades Greece

first_img Share Moody’s downgrades Greece Show Comments ▼ Tags: NULL Ratings agency Moody’s has downgraded Greece from Ba1 to B1.A statement from Moody’s said: “Moody’s Investors Service has today downgraded Greece’s government bond ratings to B1 from Ba1, and assigned a negative outlook to the rating.”It added that the country’s continuing difficulty on collecting revenue, allied with “ambitious” financial restructuring, plans led to the downgrade. Moody’s now has the lowest rating for Greece of all the major credit agencies and is the first to classify Greek government debt as ‘highly speculative’.The Greek finance ministry said the cut was completely unjustified.Greece signed in May a 110bn euro (£94.5bn) rescue package with the EU and IMF to avoid default, but many see the repayment terms as too onerous.Moody’s said that Greece continues to face difficulties with revenue collection and there was a risk that the country did not satisfy solvency criteria attached to EU/IMF support after 2013 which could lead to a debt restructuring.“The fiscal consolidation measures and structural reforms that are needed to stabilise the country’s debt metrics remain very ambitious and are subject to significant implementation risks,” the agency said in a statement.Moody’s said it was also concerned by the lack of certainty surrounding the nature of financial support that will be available to Greece after 2013, and its implications for bondholders.“The likelihood of a default or distressed exchange has risen since its last downgrade of the Greek government debt rating in June 2010,” the agency said. More From Our Partners Florida woman allegedly crashes children’s birthday party, rapes teennypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgConnecticut man dies after crashing Harley into live bearnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comPuffer fish snaps a selfie with lucky divernypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comcenter_img John Dunne whatsapp Monday 7 March 2011 2:54 am by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodaySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBeElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comDrivepedia20 Of The Most Underrated Vintage CarsDrivepedia whatsapplast_img

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