S&P lowers Greece

Standard & Poor's said it lowered its CC long-term and C short-term sovereign credit ratings on Greece to SD.

The recovery rating of 4 on Greece's foreign-currency issue ratings is unchanged and the country transfer and convertibility assessment for Greece, as for all other euro zone members, remains AAA.

The agency said it lowered its sovereign credit ratings on Greece to SD following the Greek government's retroactive insertion of collective action clauses in the documentation of certain series of its sovereign debt on Feb. 23.

In S&P's opinion, the agency said, Greece's retroactive insertion of collection action clauses materially changes the original terms of the affected debt and constitutes the launch of what S&P considers to be a distressed debt restructuring.

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