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Moody's downgrades Greece's debt rating again

Moody's downgrades Greece's debt rating again

Moody's Investor Services has downgraded Greece's debt rating even further below junk status amid worries that the bailed-out euro country will end up having to restructure its massive debts.
The agency said Monday it is lowering its rating by three notches to B1 from Ba1, citing three main reasons for the downgrade.
As well as warning of major implementation risks associated with the government's economic program, Moody's noted the considerable difficulties Greece has in raising revenues and highlighted the risk of more onerous conditions when the current bailout package ends in 2013.
Greece was saved from effective bankruptcy last May after accepting a (EURO)110 billion bailout from partners in the EU and the International Monetary Fund.


Updated : 2021-10-27 03:29 GMT+08:00