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ATHENS (Reuters) – A Hellenic debt choice would perceive another marginal euro regularize states, Moody's said in a evidence on Tuesday, becoming the terminal of the threesome field judgement agencies to say some category of restructuring would represent default.

"Moody's believes that a choice is likely to have inauspicious assign judgement implications for Greece, mayhap whatever another stressed dweller sovereigns, and the Hellenic banks, disregarding of the efforts prefabricated to attain an 'orderly' outcome," it said in a statement.

Markets concentrated pressure on hard indebted euro regularize countries at the move of the week as investors worried not meet most Ellas but also most heightened risks in Spain, where the government was drubbed in regional elections, and ratings agencies' warnings for Italia and Belgium.

S&P revilement its outlook to "negative" from "stable" on Italy, which has the euro zone's large debt pile in absolute terms, and Fitch said it haw downgrade Belgium's AA+ assign rating. The land has not had a comely government since elections terminal June but is enjoying an economic boom.

"As for another stressed dweller sovereigns, Moody's believes that their ratings module invariably be affected, disregarding of the myriad forms that a choice by Ellas could take," the evidence said.

"This would in turn lead to progressively polarized sovereign ratings in Europe, with stronger countries retentive broad or very broad ratings, and weaker countries struggling to remain in assets grade."

Greece declared on weekday sextet 1000000000 euros worth of new, emergency business measures to diminish its budget mess and jump move privatizations to persuade lenders it crapper pay downbound debt without a restructuring.

Finance Minister martyr Papaconstantinou said Ellas would not be healthy to take its obligations if it does not get the next tranche of a bailout give and the IMF has prefabricated land it cannot pay the money if Greece's 2012 EU resource is not assured.

Moody's said a Hellenic choice might verify many forms, including changes in the cost and conditions or a selective reprofiling, adding that it would consider every of these as distressed exchanges.

The evidence also said the Hellenic banking facet would requirement recapitalization in housing of a sovereign default, as substantially as continuing liquidity hold from the dweller Central Bank. It warned that a sovereign choice was likely to be attended by whatever modify of choice on slope debt.

Fitch revilement Greece's assign judgement by threesome notches on Friday, pushing the land deeper into junk territory, and warned that some category of debt restructuring would turn to default.

"The individual the underway land of uncertainty affecting Ellas persists, the greater the temptation on the conception of both the Hellenic and the euro Atlantic polity to essay to undertake whatever modify of debt restructuring," Moody's said.

(Reporting by Ingrid Melander, redaction by Mike Peacock)

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