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One of the three most influential credit rating agencies in the world, Moody's, has
downgraded Greece’s credit rating  to Caa1 from Caa2, assessing as negative the outlook for the development of Greek economy. Caa2 rated securities are considered as weak and high-risk. Analysts at the agency say the economic activity in the country is weak and affected by the unstable political environment.
    Moody's has decided to downgrade the credit rating of the country due to the uncertainty on the negotiations with the creditors on the one hand and because of fears that if no agreement is reached with the European partners, the tranche of 7.2 billion euro under the bailout programme to Athens will not be paid on the other. According to the agency, a clear political will to achieve an agreement with the creditors is required and the risk of default has sharply risen.
    Analysts believe that the recovery of Greece’s economy is very unstable and the necessary structural reforms are increasingly drifting away. Moody's expects economic growth of 0.5% in 2015 instead of the 2.9% under the memorandum and warns that Greece’s economy is in a very risky situation.