Moody's cuts Greece to lowest rating

SAN FRANCISCO (MarketWatch)
Moody's Investor Service downgraded Greece's bond ratings to a C from Ca because of massive losses to bondholders expected under a debt restructuring
"Moody's decision not to assign an outlook to the rating is based on the very high likelihood of a default by the Greek government on its bonds and the fact that C is the lowest rating on Moody's rating scale," the ratings agency said in a statement
Moody's expects an investor haircut in excess of 70% as a result of the restructuring
On Monday, Standard & Poor's downgraded the sovereign credit ratings of Greece to selective default