aus Eurointelligence Newsbriefing von heute:
Just as a little hope emerged from a meeting of European finance ministers, Moody’s abruptly ended the party with a downgrade of Greece from B1 by three notches to junk-level CAA1 – which is below the threshold required by the ECB for collateral to be acceptable. Moody’s said it cut the rating because Greece is finding it hard to implement the agreed policies, the country’s faltering growth prospects, a track record of underperformance, and the increased likelihood of a bail-in by investors. “Together, these risks imply at least an even chance of default over the rating horizon.” Moody’s added that the rating assumed that a new package for Greece would be agreed. A Caa1 rating is just a couple of notches away from a default rating. We are deep in junk territory here.
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