S&P cuts Greece credit rating to CCC+

Standard & Poor’s has cut Greece’s credit rating to “CCC+” from “B-” with a negative outlook, saying it expected Greece’s debt to be “unsustainable.”

The ratings agency cited the potential for dissolving liquidity in the Greek government, banks and economy. S&P said on April 15 that the outlook for full-year economic growth looked “highly uncertain” adding that it estimated the economy had contracted by nearly one per cent during the past six months despite a weaker euro and lower oil prices.

“Without deep economic reform or further relief, we expect Greece’s debt and other financial commitments will be unsustainable,” S&P said.

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