| S&P cuts Greece's sovereign rating to "selective default" |
| Last Updated(Beijing Time):2012-02-28 07:24 |
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Standard & Poor's late Monday cut Greece's "CC" long-term and "C" short-term sovereign credit ratings to "selective default"(SD), after the debt-laden country launched a bond swap plan to ease its debt burden last Friday.
"We lowered our sovereign credit ratings on Greece to 'SD' following the Greek government's retroactive insertion of collective action clauses (CACs) in the documentation of certain series of its sovereign debt on Feb. 23," the rating agency said in a statement on its website.
The move came hours after German parliament approved a second bailout, including 130-billion-euro (about 174 billion U.S. dollars) loans, for Greece as part of Europe's effort to keep indebted Greece out of bankruptcy.
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