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Standard & Poor Warns Greece of a Lower Credit Rating

Standard & Poor warned Greece it could receive a lower credit rating.  This stems from a possible European Union treaty that would change the seniority of private-sector creditors, according to the agency’s latest press release.
S&P said it placed Greece’s “BB+” long-term on creditwatch with negative implications. Standard & Poor΄s affirmed its ΄B΄ short-term sovereign credit rating on Greece. The ΄AAA΄ transfer and convertibility assessment is unchanged.
More details about the European Stability Mechanism will emerge in the near future but: “on balance, the ESM could have negative implications for the probability of nongovernmental holders of sovereign debt being paid in full and on time,” said Standard & Poor΄s credit analyst Moritz Kraemer.
“Before coming to that conclusion, we will analyze the particulars of the ESM that will eventually be presented to national governments or parliaments for
ratification”, adds Kraemer.
Greece is considered as a candidate to receive additional financing through the ESM, above and beyond the financing it has already received from the International Monetary Fund, says the agency. “This explains our placement of Greece on creditwatch with negative implication, alongside Ireland and Portugal”, it adds.
Standard & Poor΄s Ratings Services aims to resolve the creditwatch placement within the next three months after analyzing the final details of the proposed ESM.

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