Bloomberg News

S&P’s Greek Downgrade ‘Anticipated’ by Eurogroup, Ministry Says

February 27, 2012

Feb. 27 (Bloomberg) -- Standard & Poor’s decision to downgrade Greece to “SD,” and the list of PSI eligible securities to “D,” was “pre-announced and all its consequences have been anticipated, planned for and addressed” by the European Council and the Eurogroup, the Greek Finance Ministry said in an e-mailed statement today.

The downgrade has “no impact in the Greek banking sector as its liquidity effect has been address by the Bank of Greece and consequently by the EFSF,” the Ministry said in the statement.

The Greek sovereign rating is expected to be upgraded from “SD” once the private sector swap on Greek sovereign debt is completed, the Ministry said.

To contact the editor responsible for this story: Blanche Gatt at bgatt@bloomberg.net


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