Moody Cuts Greece’s Rating Further

Ratings agency Moody’s on Thursday cut Greece’s credit rating deeper into junk territory due to uncertainty over whether the indebted country will be able to reach a deal with its international lenders in time to meet upcoming debt repayments.

Moody’s said it downgraded Greece’s government bond rating to ‘Caa2’ from ‘Caa1’ and assigned it a “negative” outlook, reflecting the balance of economic, financial and political risks in the country is “slanted to the downside.”

Fitch, Standard & Poor’s and Moody’s all raised Greece’s rating last year as the economy showed tentative signs of getting back on its feet after six years of recession.