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S&P lowers Greece sovereign rating to selective default from CCC  Join our daily free Newsletter

MENAFN - 06/12/2012

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(MENAFN) Standard & Poor's Ratings Services downgraded Greece's long-term sovereign credit rating to selective default from CCC, reported Xinhua News.

The agency attributed the move to the recent debt buyback auctions carried out by the country's government.

The agency said that the government's invitation to private-sector bondholders to take part in a number of debt buyback auctions comprises the introduction of a distressed debt restructuring, which under S&P's criteria is an exchange offer equal to default.

It added that the invitation meant that investors will receive less value than the promise of the original securities and was distressed rather than opportunistic.

However, the agency might raise again Athens ratings to CCC when the buyback is over, due to take place around the 17th of the current month.

 






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