S&P: Greece still in selective default, rates new bonds CCC

S&P: Greece still in selective default, rates new bonds CCC

Standard & Poor’s rated Thursday new Greek bonds issued under its bond swap at CCC, or still vulnerable to default, and indicated it would likely assign the same rating for the country.

Regarding the country’s default status: “Our sovereign credit ratings on Greece will remain at ‘SD’ [selective default] until the exchange of Greece’s non-Greek-law governed bonds is concluded, which we understand is to occur by April 11, 2012.

“Following the exchange,we will likely consider Greece’s selective default to be cured and assign a forward-looking sovereign credit rating of ‘CCC’ to Greece,” the agency said in a statement.


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