January 14, 2009 / 1:54 PM / 10 years ago

S&P cuts Greek debt rating due to global crisis

ATHENS, Jan 14 (Reuters) - Standard & Poor’s cut its credit ratings on Greece’s sovereign debt to A-/A-2 with a stable outlook on Wednesday, citing eroding economic competitiveness and a rising fiscal deficit exacerbated by the global downturn.

“The ongoing global financial and economic crisis has in our opinion exacerbated an underlying loss of competitiveness in the Greek economy,” S&P credit analyst Marko Mrsnik said. (Reporting by Daniel Flynn; editing by Stephen Nisbet)

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