S&P revises Greek outlook to negative as budget woes loom
NEW YORK |
NEW YORK Aug 7 (Reuters) - Ratings agency Standard & Poor's on Tuesday revised Greece's outlook to negative, saying the beleaguered euro zone country could need more help from its international creditors.
"Following delays in implementing budgetary consolidation measures and a worsening Greek economy, we believe Greece is likely to require additional financing for 2012 under the EU/International Monetary Fund (IMF) program (EU/IMF Program)," S&P said in a statement.
"We project GDP will contract by 10 percent to 11 percent cumulatively during 2012-2013, versus the negative 4 percent to 5 percent assumed by the EU/IMF Program for 2012-2013," the statement added.
S&P affirmed Greece's CCC rating, which is already deeply in speculative territory.
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