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

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Feb. 27 (Bloomberg) -- 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.

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