Tags: S&P | Greece | Rating | cut

S&P: Greece Rating Could Slip More

Thursday, 10 May 2012 02:29 PM EDT

Standard & Poor's said on Thursday that Greece's already highly speculative sovereign rating could slip further if the country's turbulent politics result in a loss of support from the International Monetary Fund or the eurozone.

"If the policies or policy intentions clash with the program initiatives and targets, and the official creditors withdraw their support, which has been so far quite forthcoming, in this case we would be looking at lowering our ratings again. Ratings are currently at a CCC level," Marko Mrsnik, sovereign credit analyst at Standard & Poor's, said in a webcast briefing on sovereign ratings.

Sunday's election saw the majority of Greeks vote for parties that are opposed to a 130 billion euro EU/IMF bailout that calls for deep cuts in spending by the Greek government.

A senior European Union official on Thursday said that there is no desire among euro zone member states for Greece to leave the monetary union.

Standard & Poor's currently rates Greece CCC with a stable outlook. Moody's Investors Service rates it even lower at C, while Fitch Ratings has a B-minus with a stable outlook, two notches higher than S&P.

© 2024 Thomson/Reuters. All rights reserved.

Thursday, 10 May 2012 02:29 PM
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