Moody’s downgrades Greece to Caa3

Moody's on Wednesday downgraded Greece's government bond rating to Caa3 from Caa2, saying that the rating will be placed on review for further downgrading.

“The key driver for today's rating action is Moody's view that the probability of support continuing to be provided over the medium-term has fallen since the assignment of the Caa2 rating in April, regardless of the outcome of Sunday's referendum,” Moody's said in a statement.

“Moody's believes that without ongoing support from official creditors, Greece will default on its privately-held debt,” it added.

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