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Greece sees further downgrade in credit rating

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by Kay Mitchell
Greece sees further downgrade in credit rating

International ratings agency, Standard & Poor’s (S&P), has cut Greece’s credit rating by one notch, to BBB+ from A-minus.

The downgrade came just a few hours after the Greek government unveiled measures including a 10% cut in public spending.

Last week, credit rating agency, Fitch, also cut Greece’s sovereign debt rating to a decade-low to BBB+ from A- with a negative outlook.

Fitch cited fiscal deterioration as the reason for the downgrade and highlighted a lack of confidence in the way the economy was managed.

Meanwhile, S&P said the Government’s spending cuts will not be enough to reduce its debts.

S&P said: “We believe that the government’s efforts to reform the public finances face domestic obstacles that would likely require sustained efforts over a number of years to overcome.” said Standard & Poor’s.

Greece, which is the euro zone’s weakest economy, has the highest debt of the 16-member bloc.

Currently, Greece’s public debt stands at €300 billion (£269 billion).

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News posted: December 17, 2009

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