Moody's cuts Greece's credit rating three notches to Ca in the wake of the debt exchange deal,...

|By:, SA News Editor

Moody's cuts Greece's credit rating three notches to Ca in the wake of the debt exchange deal, saying the likelihood of default in now "virtually 100%." Markets are unfazed, but Moody's Alastair Wilson warns, "Our experience is that relatively small restructurings have been often followed by deeper defaults."