As the possibility of Greece’s exit from the Eurozone heightens, Moody’s Investors Service today announced that it downgraded the ratings of four Greek covered bond programs. The main catalyst for these downgrades was Moody’s lowering of its Greek country ceiling to ‘Caa2.’

The agency dunked the ratings on deals from Cyprus Popular Bank by one notch, to ‘B2’ from ‘B1’, and cut those on Alpha Bank’s bonds by four notches, to ‘Caa2’ from ‘B1.’

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