Greece's credit grade was reduced to SD, or selective default, by Standard & Poor's from CCC after the government began buying its bonds back from investors, a statement on the rating company's website said yesterday.
The nation has offered 10 billion euros ($13.1 billion) to purchase debt issued earlier this year as the bailed-out country attempts to cut a debt load that may threaten future international aid. The rating was lifted to CCC from SD in May after undergoing the largest sovereign restructuring in history earlier this year.
“I don't think the downgrade will have a big impact,” said Hajime Nagata, who helps oversee the equivalent of $125.1 billion as an investor in Tokyo at Diam Co., a unit of Dai-ichi Life Insurance Co., Japan's second-biggest life insurer. “They have already restructured.”
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