Standard & Poor's (S&P) on Monday cut Greece's "CC" long-term and "C" short-term sovereign credit ratings to "selective default" (SD) after the debt-laden country launched a
bond swap plan to ease its debt burden last Friday.
"We lowered our sovereign credit ratings on Greece to 'SD' following the Greek government's retroactive insertion of collective action clauses (CACs) in the documentation of certain series of its sovereign debt on Feb 23," the rating agency said in a statement on its website.
The move came
hours after the German parliament approved a
second bailout for Greece, including 130-billion-euro ($174 billion) loans, as part of Europe's effort to keep indebted Greece out of bankruptcy, Xinhua reported.
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