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CORRECTED - S&P cuts Greece's long-term debt rating to 'selective default'
December 5, 2012 / 9:43 PM / 5 years ago

CORRECTED - S&P cuts Greece's long-term debt rating to 'selective default'

(Corrects prior level of Greece’s rating CCC from C)

The Standard and Poor's building in New York, August 2, 2011. REUTERS/Brendan McDermid

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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