Moody’s Cuts Greece’s Rating by Three Notches

Moody’s Investors Service (MCO) cut Greece’s sovereign-debt rating Monday by three notches to B1. The ratings agency, which also assigned a negative outlook to Greece’s ratings, highlighted the government’s difficulties with revenue collection and noted a risk that Athens might not meet the criteria for continued support from the IMF and the European Union after 2013.

The Greek government said the downgrade was “completely unjustified.” – MW