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S&P puts Greek outlook on negative over fiscal woes

ATHENS, Dec 7 (Reuters) - Standard and Poor’s put the outlook on Greece’s credit rating on negative watch on Monday over the country’s fiscal woes, following similar moves by other major rating agencies concerned by the euro zone member’s ballooning debt and deficit.

“The ratings on Greece have been placed on CreditWatch negative to reflect our view that the fiscal consolidation plans outlined by the new government are unlikely to secure a sustained reduction in fiscal deficits and the public debt burden,” S&P analyst Marko Mrsnik said in a statement.

Fitch downgraded Greece’s debt to A- with a negative outlook at the end of October. Moody’s placed Greece’s A1 debt rating on review for a possible downgrade a week later, citing a sharp deterioration in the highly indebted country’s fiscal data. (Writing by Ingrid Melander; Editing by Toby Chopra)