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Moody’s cuts Greece further

Moody’s cut Greece's credit rating further into junk territory on Monday and said it was almost certain to slap a default tag on its debt as a result of a new EU rescue package.

business Updated: Jul 25, 2011 20:58 IST

Moody’s cut Greece's credit rating further into junk territory on Monday and said it was almost certain to slap a default tag on its debt as a result of a new EU rescue package.

Moody’s cut Greece’s rating by three notches to Ca, just one notch above default, to reflect the expected loss implied by the proposed debt exchanges.

Greece now has the lowest rating of any country in the world covered by Moody’s, which, like Fitch last week, said it would review Greece’s rating after the debt swap is completed.

Euro zone and banks agreed the private sector would shoulder part of the burden of a rescue deal.