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June 13, 2011

Standard and Poor’s downgrades Greece’s credit rating again

Greece’s S&P credit rating now world’s lowest: Standard and Poor’s, the international credit rating agency, has slashed Greece’s rating by three levels, from B down to CCC — their lowest rated nation. They also warned that a potential debt restructuring would likely be viewed as a default, which would cause them to cut Greece further down to SD (selective default) for their credit rating, and D for the nation’s debt instruments. So, on top of this bad news, it seems almost assured to get worse before it gets any better. source

16:38 // 3 years ago