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Moody's became the third major rating agency to downgrade Greece's highly-indebted country's rating this month. File photo
Moody's cut Greece's rating on Tuesday over rising deficits, becoming the third major rating agency to downgrade the highly-indebted country's rating this month.
Moody's lowered Greece's rating to A2 from A1 and assigned it a negative outlook, warning that the Greek government faces long-term credit challenges.
"They stem from slow erosion in competitiveness and economic potential, which implies that the government's debt problem cannot be resolved by growth alone," said Sarah Carlson, Moody's lead sovereign analyst for Greece.
"They also result from chronically weak fiscal institutions, which cast a shadow over the government's ability to implement decisive fiscal retrenchment in order to restore debt sustainability," Carlson said in a statement.
The downgrade by Moody's was widely expected by the markets after similar moves by Standard & Poor's and Fitch Ratings.
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