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Moody's warns Greek default almost certain
25.07.2011 12:19 "Agro Perspectiva" (Kyiv) —
Moodys cut Greeces credit rating further into junk territory on Monday and said it was almost certain to slap a default tag on its debt as a result of a new EU rescue package.
It was the second rating agency to warn of a default after euro zone leaders and banks agreed last week that the private sector would shoulder part of the burden of a rescue deal that offers Greece more cash and easier loan terms to keep it afloat and avoid further contagion.
«The announced EU program along with the Institute of International Finances statement implies that the probability of a distressed exchange, and hence a default, on Greek government bonds is virtually 100 percent,» Moodys said in a statement.
Bank lobby IIF, which led private sector negotiations, aims to attract 90 percent investor participation in the bond exchange plan which comes on top of the EUs new 109 billion euro bailout.
Moodys cut Greeces rating by three notches to Ca, just one notch above default, to reflect the expected loss implied by the proposed debt exchanges.
Greece now has the lowest rating of any country in the world covered by Moodys, which, like Fitch last week, said it would review Greeces rating after the debt swap is completed.
«Once the distressed exchange has been completed, Moodys will reassess Greeces rating to ensure that it reflects the risk associated with the countrys new credit profile, including the potential for further debt restructurings,» it said.
However, whereas Fitch pledged to quickly give Greece a higher, «low speculative grade» after its bonds had been exchanged, Moodys said it could not forecast when the rating would change or how.
«It all depends how quickly the debt exchange takes place,» said Alastair Wilson, Moodys Managing Director for EMEA Credit Policy. «Once we have greater visibility over that, we will reassess the credit profile quite quickly. Whether the rating will change, thats a different question,» he told Reuters.
A senior EU official said on Saturday that the aim was to start a voluntary swap of privately-held Greek bonds for longer in late August and conclude it in early September.
Greek bank shares and the broader stock market were unfazed by Moodys action, trading flat. Analysts said the downgrade and the default warning were priced in and less worrying following assurances provided by the EU deal.
«The EU Council last week effectively secured Greek banks continued access to ECB liquidity, even in the case that PSI (private sector involvement) triggers a selective default,» said Platon Monokroussos, an economist at EFG Eurobank.
Moodys said it would take into account the possibility of a second default while reassessing Greeces rating.
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