Moody’s lowered the credit rating for Greece to C from Ca. Moody’s indicated that the debt restructuring would provide investors with significantly less than their face value. Earlier in the week, Standard & Poor’s indicated that the restructuring plan for Greek debt was a selective default.
To read a related Bloomberg article, please click here:
http://www.bloomberg.com/news/2012-03-02/greece-ratings-cut-by-moody-s.html
Jim Sutliff