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Greek Debt Rating Cut to B by S&P on Restructuring Concerns

Greece’s credit rating was cut two levels to B from BB- by Standard & Poor’s, which said further reductions are possible as the risk of default rises.

Another cut would make Greece the lowest-rated country in Europe as today’s reduction, the fourth by S&P since April 2010, left it even with Belarus. The yield on Greek 10-year bonds rose 21 basis points to 15.7 percent, more than twice the level of a year ago when Greece accepted an international bailout.