Brussels, 15/06/2010 (Agence Europe) - On Tuesday 15 June, European Economic and Financial Affairs Commissioner Olli Rehn lambasted the decision taken the previous day by the Moody's credit rating agency to downgrade Greece's government bond ratings (to “junk”, with greater risk of payment default). “I have spoken to Michel Barnier (Ed.: the Internal Market Commissioner) and this decision has come at a rather surprising and unfortunate time”, despite the agreement on the macro-economic adjustment programme agreed between the Greek authorities, the Commission and the IMF. “Moody's decision does not in any way correspond to yield of the Greek bonds,” Rehn said during a European Parliament debate. “The Commission will consider the matter of the level of competition in this sector (ed.: that of credit rating agencies) where there is great concentration. We will also give thought to transparency on methods and to the issue of conflicts of interest,” he said. “Moody's downgrade of Greek government bonds today does not reflect in any way Greece's progress over the past months. Nor does it reflect the potential created by the country's effort on fiscal consolidation and increased competitiveness,” the Greek finance minister said in a press release. (A.B./transl.rt)