WASHINGTON (MNI) - Standard & Poor's Ratings Services released the
following statement Wednesday announcing a downgrade for Greece:
OVERVIEW: Without deep economic reform or further relief, we expect
Greece's debt and other financial commitments will be unsustainable.
Greece increasingly depends on favorable business, financial, and economic
conditions to meet its financial commitments.
We are therefore lowering our sovereign credit ratings on Greece to
'CCC+/C' from 'B-/B' and removing the ratings from CreditWatch negative.
The outlook is negative, given the risk of further worsening in liquidity
for the sovereign, the banks, and the economy.
RATING ACTION: On April 15, 2015, Standard & Poor's Ratings Services
lowered its long- and short-term sovereign