Greece’s credit rating was cut four steps to non-investment grade, or junk, by Moody’s Investors Service, which cited the country’s economic “risks.” The rating was lowered to Ba1 from A3, Moody’s said in a statement today from London. The outlook is stable, it said. Greece is already rated junk by Standard & Poor’s.
Bloomberg.com
It was only a matter of time before this happened. Why do two ratings agencies have so much power? The better question is, will traders and lenders continue to listen? I won't. As far as I'm concerned, Greek debt has been junk since March.
If you want to get short Greece, check out the Claymore/Delta Global Shipping Index ETF (SEA), which allocates 18% of holdings to Greece.
Related ETFs/ETNs: EUFN:US iShares MSCI Europe Financial Sector Index Fund, URR:US Market Vectors Double Long Euro ETN, ULE:US ProShares Ultra Euro
Patrick M. Ambrus
Managing Partner
Analyze Capital LLC
Twitter: AnalyzeCapital
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