Moody’s ratings agency downgraded Greece’s 4 systemic banks to C on the unsecured debt, as it estimates Greek bank bondholders will face cuts in the event that a ‘bail-in’ is opted for the Greek banking system. The downgrade concerns the unsecured debt of alpha Bank, Eurobank, Ergasias, National bank of Greece (NBG) and Piraeus Bank. The agency maintained the banks’ deposit ratings at Caa3. “The downgrade reflects Moody’s evaluation that Greek bank bondholders will be ‘included’ in the bail-in and face substantial losses…”, says the agency’s report.