Moody’s cuts Greek rating

Moody’s Investors Service on Monday cut Greece’s sovereign debt rating three notches to B1. Moody’s, which assigned a negative outlook to Greece’s ratings, highlighted the government’s difficulties with revenue collection and said there is a risk that Athens might not meet the criteria for continued support from the International Monetary Fund and the European Union after 2013, which may result in a voluntary restructuring of existing debt.

The Greek government slammed the downgrade as “completely unjustified.” In a strongly worded statement, the Finance Ministry said the decision “does not reflect an objective and balanced assessment of the conditions Greece is presently facing.”