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Moody’s, which was all over the news on Monday, has yet again resurfaced in the mainstream financial news. This time, it has spelled doom over Austria, France, Finland and Netherlands amid Greece’s potential exit from the Eurozone.

According to a credit-default swaps prices review extended by Moody’s Corporation (NYSE:MCO) analytics, Greek’s potential departure could trigger another chapter of downgrades for the mentioned countries.

France, which will be the biggest loser in the event that the downgrades materialize, could drop down to as many as 9 downgrades. It will, figuratively speaking of course, move several light years back- Moody’s expect a drop from its current estimable Aaa rating to a baa3 level.

Austria will also be in the line of fire as it expected to suffer an 8 step slump. Netherlands and Finland on the other hand,  are expected to suffer grade cuts of 6 and 4 respectively.

At the moment, the risks of extensive damages in portfolio are increasingly high. Greek’s potential exit could trigger a wave of adversity and in the process negatively impact the 17-country common currency. Sovereign bonds are also expected to be negatively affected.

“Investors are gradually discovering that a large proportion of stuff they thought was safe is turning out not to be,” remarked Matt King, the global head of credit strategy at Citigroup Inc.’s London Office King further added that concerns were rife regarding the inability of policy makers to agree on solutions citing that there were evident rifts between policy makers.

This news streams in amid anxiety imposed by the two day European Union summit talks slated for today.

H/T History Squared