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Moody's considers Greece to have defaulted on debt

03-10-2012 09:38 BJT

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Rating agency Moody’s says it considers Greece to have defaulted on its debt. The announcement was made late Friday, hours after the Greek authorities and eurozone officials confirmed Greece’s debt swap deal will proceed.

Moody’s believes the debt swap deal represents what it calls a "distressed exchange", and therefore a debt default. But the agency says the evaluation has no implications for Greece’s issuer rating, which remains C. Moody’s will revisit Greece’s rating, to assess if the exchange has an impact on the sustainability of Greece’s debt burden.

Hours before the decision, another international rating agency Fitch, downgraded Greece’s long-term foreign and local currency rating to "Restricted Default."

 

Editor:Zheng Limin |Source: CNTV.CN

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