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Moody's Downgrades Greece To C From Ca
Moody's Investors Service on Friday downgraded Greece's sovereign-debt rating to its lowest possible rating short of default after the country reached a debt-restructuring deal that imposes a hefty haircut on private creditors. Moody's now rates Greece at C, the lowest rung on its rating scale. The credit rater said it will not assign an outlook on the new rating given the high likelihood the government will default on its bonds. Moody's said the difference between the value promised by Greek bonds and value of the restructuring package exceeds 70%, which is consistent with a C rating. Standard & Poor's Ratings ... (full story)
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