Moody's cut Greece's rating to the lowest possible levelMarch 3, 2012 - 10:21 AMT PanARMENIAN.Net - Moody's Investors Service on Friday, March 2, cut Greece's sovereign debt rating to the lowest possible level after a debt-restructuring deal that imposes hefty economic losses for private creditors. According to Reuters, Moody's lowered Greece's local and foreign-currency bond ratings a notch to C from Ca, becoming the third credit rating agency to downgrade the country following the announcement of the swap deal to lighten its debt burden. Moody's says that bonds rated C "are the lowest rated class and are typically in default, with little prospect for recovery of principal or interest." The rating agency added that it did not assign any future outlook. "The announced debt exchange proposal," the credit rating agency said in a statement, "implies that private creditors that participate will incur substantial economic losses on their holdings of the Greek government debt." On Monday, Standard & Poor's cut Greece's long-term ratings to "selective default," the second ratings agency to proceed with a widely expected downgrade after the country announced the bond swap. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | The Power of One Dram to benefit Road of Life charity The companies inform that the May beneficiary of The Power of One Dram is the “Road of Life” charitable organization. Ucom General Director gives lecture at French University in Armenia The General Director of Ucom Ralph Yirikian delivered a lecture at the French University of Armenia. Kazakhstan welcomes Yerevan, Baku’s agreement to meet in Almaty Kassym-Jomart Tokayev has welcomed the agreement of Baku and Yerevan to hold negotiations in Almaty. Armenia offers to temporarily host, preserve Gaza manuscripts The Armenian Foreign Minister has said Yerevan is ready to help preserve manuscripts from the conflict zone in Gaza. |