Greece gets rock-bottom bond rating

Ratings agency Moody’s downgraded Greece to the lowest point on its bond scale, following a deal with private investors that would see them ultimately lose 70% of their holdings in the country’s debt.

Moody’s lowered Greece’s sovereign rating to C from Ca last night, arguing that the risk of default remains high even if a bond-swap deal with banks and other private investors, due to be completed this month, is successful.