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Moody’s junks Greek debt

Moody’s downgraded Greece’s credit rating to junk yesterday, trimming equity market gains and reigniting fears over the Eurozone region. The American ratings agency moved Greek government debt four notches down from A3 to Ba1, citing economic risks. The move produced muted effects on share indices because it comes after downgrades from S&P and Fitch. Moody’s lead analyst for Greece, Sarah Carlson, said the eurozone and International Monetary Fund support package lined up for Athens removed short-term worries around the country’s ability to finance itself.