Moody’s downgrades Greece

first_imgMonday 7 March 2011 2:54 am Share whatsapp Moody’s downgrades Greece by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeDefinitionThe Toughest Football Players in NFL History, RankedDefinitionTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmHeywise98% Of Adults Fail This QuizHeywiseIkaria BeautyThe Best Lifting Face Method At Home (Only 20 Seconds)Ikaria BeautyStudent SeaHusband Leaves Wife For Her Sister, Not Knowing She Won The LotteryStudent SeaMegazinosPrince Charles Has Made His Feelings Towards Meghan Crystal ClearMegazinosFinanceChatterViewers Had To Look Away When This Happened On Live TVFinanceChatterArticles VallyBeautiful Women Of The World, Who Are They Exactly?Articles VallyZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen Herald John Dunne Show Comments ▼center_img Tags: NULL whatsapp Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapKatt Williams Explains Why He Believes There ‘Is No Cancel Culture’ inThe Wrap 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. last_img read more