Standard and Poor's ratings agency downgrades Greece

AP News
Posted: Apr 15, 2015 12:29 PM
Standard and Poor's ratings agency downgrades Greece

ATHENS, Greece (AP) — The Standard and Poor's rating agency has downgraded Greece's sovereign credit rating further into junk status, saying it expects the country's financial commitments would be unsustainable without "deep economic reform or further relief."

The agency downgraded Greece to CCC+ from B- Wednesday, with a negative outlook "given the risk of further worsening in liquidity for the sovereign, the banks, and the economy."

It said the country's solvency "hinges increasingly on favorable business, financial, and economic conditions. In our view, these conditions have worsened due to the uncertainty stemming from the prolonged negotiations between the almost three-month-old Greek government and its official creditors."