LONDON - Greece has Launched Against Credit Ratings Agencies tirade Monday after Moody's Downgraded icts Further below grade debt junk status, warning The bailed-out euro Country Might Have to restructure icts massive debts.
The agency Said It Is Lowering STC rating by Three notches to B1 from Ba1 and Warned It May cut again if The Government's Commitment to icts austerity program Wanes international gold Benefactors Become less Willing to support it - Greece WAS saved from bankruptcy last May after Accepting a euro110 billion ($ 154 billion) bailout from Partners in the U.S. & the International Monetary Fund.
The Greek Government's quick response and WAS critical.Moody's downgrade Said It Was "Completely Unjustified" and "does not Reflect year objective and balanced assessment Of The conditions Greece IS Presently facing."
"Ultimately, Moody's downgrading of Greece's debt Reveals More about the misaligned incentives & the Lack of accountability of credit rating Agencies Than The state genuine gold prospects of the Greek economy," it said.
That warning as well as "The Government's Economics Program May Not Intended The drop in yield debt and return to Growth, Moody's Noted The considerable difficulties in raising revenues has Greece payday loans.It Highlighted The Risk of more onerous conditions When The current bailout package ends in 2013.
"MoreOver, The Risk of a post-2013 Might Lead Restructuring the Greek Authorities and Investors to Participate in a voluntary exchange distressed Before That Time," Moody's Investor Services said.
The Greek Finance Ministry queried The timing And The Nature Of The multinotch downgrade, Describing Them as "incomprehensible."
Added That it Fails to Moody's analysis Properly take Into account the "upside impact" on the economy from The Government's fiscal consolidation and structural Reform Program.
"Having Completely Missed the build-up of risk That Led To The Global Financial Crisis in 2008, The Rating Agencies Are Now Competing With Each Other To Be The First to Identify Risks That Will Lead to the next crisis," it Added.
Moody's hand rivals, Standard & Poor's and Fitch Ratings, spleen Greece's Slightly Higher at BB + though S & P has Recently Warned That It May Lower icts view soon.
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Nicholas Paphitis in Athens Contributed to this story.
