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S&P Cuts Greek Rating

Downgrade follows Greeces use of debt clauses that force investors to swap.

By Greg Chang, Bloomberg | Updated on February 28, 2012

Greece’s credit ratings were cut to “Selective Default” by Standard & Poor’s after it negotiated the biggest sovereign debt restructuring in history.

S&P dropped Greece’s rating from CC, two levels above default, after the government added clauses to its debt designed to mop up investors unwilling to take part in the exchange, the New York-based company said in a statement today.

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