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Moody's cuts Greece govt ratings to junk

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"Moody's Investors Service on Monday downgraded Greece government bond ratings into junk territory, citing the risks in the euro zone/IMF rescue package for the debt-laden country. The agency downgraded the rating by four notches to Ba1, placing it one notch into junk status. The outlook is stable. The rescue package "effectively eliminates any near-term risk of a liquidity-driven default and encourages the implementation of a credible, feasible, and incentive-compatible set of structural reforms, which have a high likelihood of stabilizing debt service requirements at manageable levels," said Moody's senior analyst Sarah Carlson."
SOURCE:   Reuters