Moody's downgrades Greece's credit rating level again with negative outlook

09:03, April 23, 2010      

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International rating agency Moody' s downgraded Greece's credit rating level for once more in the past five months to A3 from the previous A2, with a negative outlook, it was announced on Thursday.

Moody's based the decision, as explained, on fears that Greek public debt will probably stabilize at higher and more costly levels that will add more burden to the country.

Therefore the agency's analysts warned that there are possibilities for further downgrades in the future, if the Greek government's awaited clarifications on the measures planned to put the finances in order will not be deemed persuasive by international markets.

According to Moody's, Greece seems to be on the right track with the Stability and Growth Program, but macro-economic difficulties resulting from the implementation of certain policies still represent a risk of failure.

Greek officials have not commented yet on the latest estimation of Moody's.

Source: Xinhua


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