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.
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