Moody’s downgrades Greece’s credit rating

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FRANKFURT (MarketWatch) — Moody’s Investors Service cut Greece’s credit ratings by three notches Monday, describing default as almost certain and warning that the new bailout plan for the country sets a negative precedent for creditors of other debt-strapped euro-zone nations.

Moody’s lowered Greece’s local- and foreign-currency bond ratings from Caa1 to Ca, one level above default, and assigned them a developing outlook.

Full story: Moody’s cuts Greek rating, warns on precedent

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