S&P downgrades Greece further into junk territory, cites ‘likely’ default without debt deal

NEW YORK, N.Y. – Standard & Poor’s has downgraded Greece’s credit rating one notch further into junk territory, saying it’s likely the country will default on its commercial debt within a year if it can’t strike a deal with its creditors.

The rating agency said Wednesday Greece has shown it is giving higher priority to pensions and other domestic spending than making debt payments on time.

It lowered its rating to “CCC” from “CCC+” with a “negative” outlook.

News from © The Associated Press, . All rights reserved.
This material may not be published, broadcast, rewritten or redistributed.

Join the Conversation!

Want to share your thoughts, add context, or connect with others in your community?

Create a free account

The Associated Press

The Associated Press is an independent global news organization dedicated to factual reporting. Founded in 1846, AP today remains the most trusted source of fast, accurate, unbiased news in all formats and the essential provider of the technology and services vital to the news business. More than half the world’s population sees AP journalism every day.

Related Articles