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Greece rejects Moody's 'junk' rating
Greece's finance ministry on Monday rejected a decision by Moody's rating agency to slash the country's sovereign rating to "junk" status."This downgrading in no way reflects the progress we have made in the last few months, nor the opportunities opened by our budgetary stabilisation and the improvement of our country's competitiveness," it said in a statement.
Moody's said it had dropped its rating for Greece by four notches from A3 to Ba1 on concerns about how Athens can repay its debts. "This uncertainty represents a risk that leads Moody's to believe that Greece's creditworthiness is now consistent with a Ba1 rating, a rating which incorporates a greater, albeit, low risk of default," Moody's said. Posted by: Steve White 2010-06-15 |
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