Greece’s Sovereign Credit Rating Cut to A- by S&P
Bloomberg
14 Gennaio 2009
Greece had its sovereign credit rating lowered one step by Standard & Poor’s, which cited the country’s weakening finances.
The rating was cut to A- with a “stable” outlook, S&P said today in a statement from London. Greek stocks and bonds fell after the announcement.
The fallout from the global credit crisis is battering the European economy, prompting ratings companies to reassess the risk to investors of holding the debt of some governments. S&P said Jan. 12 Spain faced “significant challenges” and may have its top AAA classification lowered. Portugal may also have its AA- rating lowered, S&P said yesterday.
“The ongoing global financial and economic crisis has, in our opinion, exacerbated an underlying loss of competitiveness in the Greek economy,” a team of S&P analysts led by London- based Marko Mrsnik said in today’s statement.
Greek bonds erased …
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