Greece's credit rating downgraded further into junk status

Credit rating agency Moody’s has downgraded Greece’s bond ratings deeper into junk status, a further blow to the struggling country which has been wrapping up negotiations for a vital fifth instalment of international bailout loans.

Moody’s downgraded Greece by three notches from a B1 rating to Caa1 with a negative outlook, citing increased risk that the financially stricken country will be unable to handle its debt problems without an eventual restructuring - paying creditors less than the full amount, or later than originally planned.