Greece's finance ministry on Monday termed the most recent downgrading of the country's economy by Moody's as "completely unjustified", in a relevant announcement made hours after the development.

According to the ministry, the decision is not based on an "objective and balanced evaluation of the economic conditions being faced by Greece."

Moreover, it charges that the downgrading and the specific timing selected by the ratings firm "make it incomprehensible, and raise serious questions".

ND spokesman on Moody's announcement

Main opposition New Democracy (ND) commented Monday on an announcement by the Moody's Firm regarding the Greek economy.

"Without disregarding the fact that the Greek economy is continuing to move in a wrong direction, the announcement by the Moody's Firm is coming at an unjustifiable time. Shortly before tomorrow's (Tuesday) auction of six-month, State interest-carrying bills and a few days before the crucial decisions on the tackling of the debt in Europe," party spokesman Yiannis Mihelakis said in a statement.

The spokesman added that "and so the need is arising for the arrangement of the functioning of Ratings Firms. A need that New Democracy President Antonis Samaras had stressed some time ago."

European Commission makes no comment on Greece's credit rating downgrading

The European Commission does not comment, according to its standing tactic, on announcements by ratings firms, a spokesperson said here on Monday, when called on to comment on the downgrading by Moody's of Greece's credit rating.

Replying to a relevant question during a press briefing, Amelia Torres said "we have our own assessments that you are aware of and which we publicise at regular intervals," adding that the Commission does not comment on announcements by ratings firms and that "this position does not change whether it concerns Greece or Moody's."