Market reaction to the four-notch downgrade of Greek sovereign debt by Moody’s, a credit rating agency, has been muted, even as eurozone politicians bristled at the announcement.

On Monday afternoon, Moody’s knocked Greece’s long-term rating to Ba1, down from A3, pinning the decision on the joint eurozone-IMF support package for countries in the single currency area facing debt troubles. Despite the package’s elimination of any short-term threat of a default, “the macroeconomic and