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Moody's cuts Greece's sovereign ratings to 'A3'
Moody's Investors Service on Thursday lowered Greece's sovereign ratings to A3 from A2 and placed them on review for further possible downgrade. The move is based on Moody's view that there is a significant risk that debt may only stabilize at a higher and more costly level than previously estimated, the ratings agency said. The review, which is expected to conclude within the next three months, will determine whether the ratings will remain in the A range and their likely outlook.