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Credit rating downgrade for Greece

Greece has seen its credit rating downgraded as a consequence of the implementation its new debt restructuring programme.

Moody's Investors Service has cut the country's long-term currency debt to the lowest level - from Ca to C - noting investors who play a part in the exchange project stand to receive around 70 per cent less than the face value of their holdings.

The New York-based ratings agency described the deal - which is the most sizeable debt restructuring ever seen in the nation - as a "distressed exchange".

As part of the arrangement, it is hoped that the national debt can be slashed to 120.5 per cent of gross domestic product over the next eight years.

This would represent a marked reduction on the 160 per cent recorded in 2011 and should play a part in Greece being able to satisfy the terms of the international bailout package, which amounted to €130 billion ($172 billion).

By Tony Aynsley