Ratings agency Moody's downgrades Greece


ATHENS, Greece (AP) -- The ratings agency Moody's has downgraded Greece to the lowest rating on its bond scale, following a deal with private investors that would see them ultimately lose 70 percent of their holdings in Greek debt.

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

Ratings agency Standard & Poor's took similar action on Feb. 27.