Greece slays rating sceptics as investors rally to Eu7bn bond

06 Nov 2009

The Hellenic Republic survived a barrage of negative news to smoothly issue a Eu7bn 15 year bond this week, demonstrating that negative rating actions and poor economic performance are not deal-breakers for eurozone governments.

The money was needed to finance a revised — and much bigger than expected — budget deficit, which was itself the reason for the rating agencies’ decisions.

Fitch downgraded Greece from A to A- with a negative outlook on October 22, and Moody’s placed its A1 rating on ...

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