Too soon to judge impact of Greek package: S&P exec

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VIENNA | Mon Jun 27, 2011 5:30pm EDT

VIENNA (Reuters) - It is too soon to judge the ratings impact of a debt relief package involving the private sector being put together for Greece, a senior official at the Standard & Poor's rating agency told Austrian television.

"I can tell you only that we cannot give a judgment on something we have not even seen," Moritz Kraemer, S&P's head of European sovereign ratings, said in an interview on Monday.

Asked if he could imagine a solution in which private creditors voluntarily contribute to a Greek rescue package and S&P would not downgrade its credit rating for the country, he said:

"It is conceivable depending on the situation. That is why I say that it is not possible at all to draw a final conclusion on this in the current situation."

He stressed that S&P had not commented on whether a private-sector contribution to Greece's debt package could trigger a default "because we simply don't have the details."

Kraemer was speaking after France offered a radical solution for banks to roll over some Greek debt for 30 years as the Greek government fought for political support of its five-year austerity plan to avert bankruptcy.

Kraemer defended S&P when challenged about ratings agencies' role in Europe's sovereign debt crisis.

"There has been an aid package for Greece since April 2010 and one thought the problem was solved. In retrospect we can see, of course -- and we anticipated that at the time with an appropriate downgrade -- that this was not the case," he said.

"We also don't think that what is being discussed now is a sustainable solution to Greece's debt problem."

Standard & Poor's cut Greece's rating to CCC from B on June 13th and warned that any attempt to restructure the country's debt would be considered a default. It had reiterated that point in comments to German newspaper Die Welt last week.

(Reporting by Michael Shields; Editing by Jan Paschal)

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