Moody's just downgraded Greece's credit rating to Junk, that's 4 steps of a downgrade.

Greece’s credit rating was cut four steps to non-investment grade, or junk, by Moody’s Investors Service, which cited the country’s economic “risks.”

The rating was lowered to Ba1 from A3, Moody’s said in a statement today from London. The outlook is stable, it said. Greece is already rated junk by Standard & Poor’s.

The European Union last month announced a rescue package of almost $1 trillion, with support from the International Monetary Fund, to shore up the finances of the region’s weakest economies amid concern that governments will struggle to narrow their budget deficits.

“It’s a significant downgrade,” said Kevin Flanagan, a Purchase, New York-based fixed-income strategist for Morgan Stanley Smith Barney. “It’s not a surprise to people, but the timing and magnitude is what has taken Treasuries off the lows and is providing some support.”

S&P downgraded Greece to junk on April 27th.