Greece’s Credit Ratings Cut to Selective Default by Standard & Poor’s
By Greg Chang -
2012-02-27T21:36:56Z
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
Enlarge image
Greece Ratings Cut to Selective Default by S&P
Orestis Panagiotou/Landov
The Stock Exchange in Athens on Feb. 21, 2012.
The Stock Exchange in Athens on Feb. 21, 2012. Photographer: Orestis Panagiotou/Landov
Sponsored Link
Rate this Page
Bloomberg moderates all comments. Comments that are abusive or off-topic will not be posted to the site. Excessively long comments may be moderated as well. Bloomberg cannot facilitate requests to remove comments or explain individual moderation decisions.