Greek Sovereign Debt Rating Cut to Lowest Level by Moody’s
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Greece’s credit rating was cut to the lowest level by Moody’s Investors Service after the country began the biggest sovereign debt restructuring ever.
Greece’s long-term foreign currency debt was downgraded to C from Ca late yesterday, with Moody’s saying in a statement that investors who participate in the nation’s debt exchange will get about 70 percent less than the face value of their holdings. The deal constitutes “a distressed exchange, and hence a default,” the New York-based rating company said.