Home >news >world >S&P lowers Greece sovereign credit rating

Bengaluru: Standard and Poor’s Ratings Services lowered its sovereign rating on Greece to “CCC minus" from “CCC“, saying the probability of Greece exiting the eurozone was now about 50%.

Greece’s bailout talks with lenders collapsed over the weekend, intensifying fears that the country could soon exit the euro zone.

A Greek official told Reuters on Monday the country would not pay a €1.6 billion loan instalment due the International Monetary Fund (IMF) on Tuesday.

S&P said according to its assessment Greece would likely default on its commercial debt during the next six months.

Should Greece exit the euro zone, there will be a serious foreign currency shortage for the private and public sectors in the country, which may lead to rationing of key imports, according to the rating services.

S&P’s outlook on the country is negative.

The agency said it could lower its long-term ratings on the country within the next six months in case of a distressed exchange or non-payment of commercial debt. Reuters

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