Moody's Downgrades Greece on Debt Concerns

Moody's Investors Service on Thursday downgraded Greece's sovereign rating and said it may lower it further, citing the risk that the debt-laden country may end up paying a lot more for its borrowing than previously thought.

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The agency cut the rating by one notch to A3, placing it four notches above speculative, or "junk" status. The new rating remains on review for a possible downgrade.

The action "is based on Moody's view that there is a significant risk that debt may only stabilize at a higher and more costly level than previously estimated," said the agency. Read more