IANS | 28 Feb, 2012
Standard & Poor's 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 the German parliament approved a second bailout,
including 130-billion-euro ($174 billion) loans, for Greece as part of Europe's
effort to keep indebted Greece out of bankruptcy, Xinhua reported.
