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S&P lowers rating on Greece to CCC from CCC+

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S&P lowers rating on Greece to CCC from CCC+
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Standard and Poor’s lowered its long-term sovereign credit rating on Greece to “CCC” from “CCC positive”, saying the government would likely default on its commercial debt in the next 12 months in the absence of an agreement with creditors.

The outlook on Greece is negative, the ratings agency said, leaving the country’s short-term credit rating unchanged.