Moody’s Investors Service has downgraded Greece’s local and foreign currency bond ratings again, putting the country’s chances of default over the next five years at 50 percent.

The agency announced Wednesday that it has cut the country’s credit rating by three more notches , to push the rating deeper into junk status.

A lower credit rating means Greece is likely to pay higher interest rates to borrow money to finance new projects or re-finance old debts.

The agency also cited the country’s highly uncertain growth prospects and the missed targets in budget reforms Greece has to carry out in return for a $157 billion bailout from the International Monetary Fund and other European Union countries.

After Moody’s downgrade, the value of Europe’s common currency, the euro, fell against major world currencies.

Last month, the global credit rating agency Fitch downgraded Greece’s rating as a result of the country’s financial problems.

Fitch cut the rating by three notches , citing the scale of the challenge facing Greece in implementing essential reforms to its economy.