S&P downgrades Greece ratings into junk status
NEW YORK, April 27
NEW YORK, April 27 (Reuters) - Standard & Poor's on Tuesday downgraded Greek ratings into junk territory on concerns about its ability to implement the reforms needed to address its high debt burden.
The agency cut the rating a full three notches to BB-plus, the first level of speculative, or junk, status.
The outlook is negative, meaning the agency could downgrade the rating again.
The action "results from Standard & Poor's updated assessment of the political, economic, and budgetary challenges that the Greek government faces in its efforts to put the public debt burden onto a sustained downward trajectory," S&P said in a statement. (Reporting by Ciara Linnane; Editing by Dan Grebler)
- U.S. war veteran released by North Korea returns home |
- South Korea expands air defense zone to partially overlap China's |
- Dynasty's Congress party punished in Indian state elections
- Pennsylvania newlyweds "just wanted to murder someone together:" police
- South Korea to make announcement on air zone; expansion is anticipated |