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CORRECTED - S&P cuts Greece's long-term debt rating to 'selective default'
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The Standard and Poor's building in New York, August 2, 2011.
Credit: Reuters/Brendan McDermid
(Corrects prior level of Greece's rating CCC from C)
NEW YORK (Reuters) - Standard & Poor's on Wednesday cut Greece's sovereign long-term foreign currency credit rating to "selective default" from an already low "CCC" rating.
Last week Greece and its international lenders reached a deal to lower the country's debt burden, which included a debt buyback. (Reporting by U.S. Treasury Desk)
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