The Moody's credit rating company says the risk of a Greek default on its loans “remains high,” even after European leaders approved a new financial rescue for the country.

Moody's calls the $172 billion Greek rescue package “an important step forward.” But it says Greece's debt will “remain large” for years, even after private creditors have agreed to eliminate more than half the debt the country owes them — a $142 billion reduction.

Moody's says Greece would not be likely to secure new loans on its own in world financial markets when the bailout money runs out.

Another ratings agency, Standard & Poors, downgraded Greece Monday to “selective default,” a special S&P category for borrowers that fail to pay part of their debt.

European leaders agreed last week to lend Greece another $172 billion — its second rescue package in two years. In exchange, Greece promises to carry out EU demands to cut spending, including sharp cuts in the minimum wage and eliminating thousands of government jobs.

Also Monday, the International Monetary Fund approved a $4.3 billion installment of its bailout of Ireland. The IMF says Irish officials are successfully carrying out strong economic reforms. Ireland, Greece and Portugal have received rescue packages put together by the IMF and the European Union