S&P has downgraded Greece’s credit rating by two notches to ΄B΄ and ΄C΄, from ΄BB-΄ and ΄B΄, respectively on fears the country will need more EU help to avoid restructuring its debt.
Both the long- and short-term ratings remain on CreditWatch, with negative implications, while Standard & Poor΄s ΄4΄ recovery rating for Greece remains unchanged–indicating an estimated 30%-50% recovery upon default–and its ΄AAA΄ transfer and convertibility assessment for Greece, which applies to all members of the eurozone, also remains unchanged.
The Greek Ministry of Finance responded that the downgrading of Greek Government debt by Standard and Poor’s today comes at a time when there have been no new negative developments or decisions since the last rating action by the agency just over a month ago and therefore is not justified.
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