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Bloomberg stated on 22 Dec 09 “Greece had its credit rating cut one step to A2 by Moody’s Investors Service, sparking a rally in its bonds as concern eased that a steeper downgrade would make the debt ineligible as collateral at the European Central Bank.

The downgrade puts Greece’s rating five steps above non- investment grade and two higher than the levels assigned to it by Standard & Poor’s and Fitch Ratings. The ranking is the lowest among the 16 euro-member states and the same as that of Poland and Botswana. Moody’s said in a statement today the new rating carries a “negative” outlook, meaning it’s more inclined to cut it again than leave it unchanged or raise it.”