Breaking News

Boeing First-Quarter Core Earnings of $1.76 Beat $1.54 Estimate
Tweet TWEET

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

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

Bloomberg reserves the right to edit or remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.