Dayhoff Westminster Soundtrack: Greece Ratings Cut to Selective Default by S&P

Monday, February 27, 2012

Greece Ratings Cut to Selective Default by S&P

Financial Times February 27 S&P puts Greece in selective default

S&P on Monday night declared that Greece was in selective default on its long and short-term ratings, pointing to the terms of the sovereign debt deal offered to private bondholders last week. http://www.ft.com/cms/s/9dffdd30-6147-11e1-a738-00144feabdc0.html

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Greece Ratings Cut to Selective Default by Standard and Poor
http://www.bloomberg.com/news/2012-02-27/greece-ratings-cut-to-selective-default-by-s-p.html

By Greg Chang - Feb 27, 2012 4:36 PM ET

Greece had its long-term sovereign credit ratings cut to selective default from CC by Standard & Poor’s Ratings Services, which cited an action by Greece’s government regarding its sovereign debt that began a “distressed debt restructuring.”

The downgrade was triggered after Greece retroactively inserted collective action clauses in the documentation of certain sovereign debt series last week, according to S&P.