(MENAFN- Qatar News Agency) Moody's rating agency says it is lowering Greece's highest possible credit rating because there is an increased risk the country would exit the eurozone.
Moody's said it "has lowered its assessment of the highest rating that can be assigned to a domestic debt issuer in Greece to Caa2 based on the increasing risk of an exit by the country from the euro area".
The highest rating "on any Greek security is currently B1, which is rating assigned to certain covered bonds. Any rating actions taken as a result of the new ceiling will be released during the coming week".
According to Moody's, although the risk of Greece's euro exit "is substantial", it is still not what the ratings agency considers most likely to occur.
"Moody's also notes that there is a potential for exceptions whereby a security could be rated higher than Caa2 if the 'Greek' issuer is essentially a non-domestic company, has substantial assets outside the country or receives substantial support from an entity outside the country," the New York-based ratings agency said.
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