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Moody's downgrades Greek credit rating to Caa2

Xinhua, April 30, 2015 Adjust font size:

Credit rating agency Moody's has further downgraded Greece's credit rating to Caa2 from Caa1 and assigned a negative outlook, Greek national news agency AMNA reported on Thursday.

The rating is just two steps away from the level signaling imminent default.

The downgrade, according to Moody's, was linked to the "high uncertainty" over whether Greece would reach a deal with its international creditors in time to avoid sovereign default in May, despite Athens' optimism about striking a deal with the Euro Group.

Inconclusive marathon negotiations since February have revived scenarios of an imminent Greek bankruptcy and exit from the eurozone.

Two weeks ago, Standard & Poor's also downgraded the Greek economy's long-term credit rating to CCC+ from B- and short-term credit rating to C from B with a negative outlook, while Fitch had downgraded the country's long-term credit rating to CCC from B in March. Endi