NEW YORK, April 27 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)