Greece credit rating cut to CC, outlook negative-S&P

NEW YORK, July 27 Wed Jul 27, 2011 12:47pm EDT

NEW YORK, July 27 (Reuters) - Standard & Poor's on Wednesday cut Greece's sovereign credit rating further into junk territory, lowering it to CC from CCC, saying the European Union's proposed debt restructuring puts the country into a "selective default."

Euro zone leaders agreed on a second, 109 billion euro ($158 billion) package for debt-stricken Greece last Thursday. [ID:nL6E7IK2V].

The outlook on the debt is negative, S&P said in a statement. (Reporting by Daniel Bases and Caryn Trokie, Editing by Chizu Nomiyama)