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Moody's downgrades Greece's government bond rating to Caa3; on review for further
Moody's Investors Service has today downgraded Greece's government bond rating to Caa3 from Caa2 and placed the rating on review for further downgrade. The short-term rating is unaffected by this rating action and remains Not Prime (NP). Moody's government bond rating applies to privately-held debt only. The key driver for today's rating action is Moody's view that the probability of support continuing to be provided over the medium-term has fallen since the assignment of the Caa2 rating in April, regardless of the outcome of Sunday's referendum. Moody's believes that without ongoing support from official creditors, ... (full story)