The Greek government says the most recent downgrade of its credit rating is “completely unjustified” and ignores the substantial progress the nation has made toward cutting its deficit.
Moody’s Investor Services downgraded Greece’s credit rating by three notches further below junk status . Moody’s said it is concerned about the country’s ability to raise revenues after a European Union bailout package ends in 2013.
A lower credit rating means Greece is likely to pay higher interest rates to borrow money to finance new projects or re-finance old debts.
Greece was saved from bankruptcy last May by a $154 billion bailout from partners in the EU and the International Monetary Fund.
