CORRECTED-S&P cuts Greece's long-term debt rating to 'selective default'

Wed Dec 5, 2012 5:27pm EST

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(Corrects prior level of Greece's rating CCC from C)

NEW YORK Dec 5 (Reuters) - Standard & Poor's on Wednesday cut Greece's sovereign long-term foreign currency credit rating to "selective default" from an already low "CCC" rating.

Last week Greece and its international lenders reached a deal to lower the country's debt burden, which included a debt buyback. (Reporting by U.S. Treasury Desk)