Moody's Downgrades Greece to Lowest Rating on Scale

CNBC by AP

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The ratings agency Moody's has downgraded Greece to the lowest rating on its bond scale, following a deal with private investors that would see them ultimately lose 70 percent of their holdings in Greek debt.

Moody's late Friday lowered Greece's sovereign rating to "C" from "Ca," arguing that the risk of default remains high even a bond-swap deal with banks and other private investors, due to be completed this month, is successful.

Ratings agency Standard & Poor's took similar action on Feb. 27.

Greece's deep and MORE..................