Bloomberg News

Greece’s Credit Ratings Cut to Selective Default by Standard & Poor’s

February 27, 2012

The Stock Exchange in Athens on Feb. 21, 2012. Photographer: Orestis Panagiotou/Landov

The Stock Exchange in Athens on Feb. 21, 2012. Photographer: Orestis Panagiotou/Landov

Greece had its long-term sovereign credit ratings cut to selective default from CC by Standard & Poor’s Ratings Services, which cited an action by Greece’s government regarding its sovereign debt that began a “distressed debt restructuring.”

The downgrade was triggered after Greece retroactively inserted collective action clauses in the documentation of certain sovereign debt series last week, according to S&P.

To contact the editor responsible for this story: Greg Chang at gchang1@bloomberg.net


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