Moody’s lowers Greece's credit rating
Greece's credit rating moved from B1 to Ba1 while spreads rise across eurozone periphery
After several weeks of quiet trading, the eurozone credit default swap (CDS) market was pushed back into the spotlight today, as Greece's sovereign credit rating was downgraded by Moody's to B1 from Ba1. Moody's cited a number of reasons for the downgrade, including the Greek government's continued difficulty in securing revenue streams and doubt over the feasibility of its highly ambitious debt-consolidation plan. Greek CDS spreads have experienced some erratic interday trading moves in recent
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