Moody's Investors Services downgraded Greece's credit rating by 50% to Caa1 from B1, as Greece is still struggling to receive a second bailout amid the stalemate on how to provide Greece with an aid package to help the country with its swelling debt crisis.

The downgrade comes as a blow to the efforts that have been taken so far, where EU officials in cooperation with the IMF are trying to find a solution that will help Greece avoid defaulting on its debt, while also avoiding a total restructure, noting that EU head of Finance Ministers, Jean-Claude Juncker signaled on Wednesday that Greece could receive an aid package as soon as June.