Standard & Poor's Ratings

Standard & Poor's ratings agency upgraded Greece's debt rating, thanks to the country's progress in its fiscal reform efforts and its potential return to economic development. S&P placed Greece at B from B-minus, while they announced on Friday that the outlook for the rating...

Standard & Poor's Ratings Services said today that under its ratings criteria, application of retroactive "Collective Action Clauses" (CACs) affecting the timing or amount of debt service payments on outstanding Greek-law governed sovereign debt would constitute a selective default....