Moody's downgrades Greece on higher debt restructuring risks

11:23, June 02, 2011      

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Moody's Investors Service announced on Wednesday that it downgraded Greece's local and foreign currency bond ratings to Caa1 from B1 due to higher debt restructuring risks.

While cutting the debt-laden country seven notches deeper into junk territory, Moody's also assigned a negative outlook to the ratings, saying there is 50 percent chance Greece will default over the next 5 years. "Taken together, these risks imply at least an even chance of default over the rating horizon," said the ratings agency in a statement.

After Moody's downgrade, the euro fell to intraday lows against major currencies. In late Wednesday afternoon trading, the euro bought 1.4352 dollars, compared with 1.4397 dollars late Tuesday, while dropped more than 1 percent to 132.26 Japanese yen.

Source: Xinhua
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