Many of Greece’s Creditors Will Have Losses, Meaning Default, Moody’s Says

creditors will suffer losses as the nation struggles to pay its debts, Moody’s Investors Service said in a weekly report.

“It is now virtually certain that many of Greece’s private-sector creditors will experience credit losses that we define as a default,” Alastair Wilson and Bart Oosterveld, both managing directors, wrote in the report that Moody’s sent by e- mail today.

Greece’s long-term foreign currency debt was cut three steps to Ca from Caa1 earlier today by the rating company. Read more