Greece's credit rating downgraded three levels by Moody's

Greece's credit rating was downgraded three levels by Moody's Investor Service due to an increased default risk (Reuters, 07-Mar-2011). Moody's downgraded Greek debt from 'Ba1' to 'to B1' and stated it may reduce the rating further. "The likelihood of a default or distressed exchange has risen since its last downgrade of the Greek government debt rating in June 2010," Moody's said. The Greek Finance Ministry stated the move was "completely unjustified".