Wall Street Journal
March 7, 2011
Moody's Investors Service Inc. lowered Greece's credit rating by three notches Monday and signaled it could cut the rating even further, dragging the country's debt deeper into junk-grade territory.
The move prompted outrage from the Greek government, while the head of the International Monetary Fund's European department said the IMF is confident its emergency bailout program for Greece will succeed despite the downgrade.
The ratings agency downgraded Greece to B1 from Ba1, and kept its outlook negative. Standard & Poor's and Fitch Ratings both rate the country slightly higher at double-B-plus, with a negative outlook.
Moody's acknowledged progress that Greece has made in fiscal consolidation and structural reforms but warned that the changes needed to stabilize Greece's debts remain "very ambitious" and face "significant implementation risks."
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