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S&P downgrades Greece rating

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by Kay Mitchell
S&P downgrades Greece rating

Standard & Poor’s (S&P) today downgraded its rating on Greece’s long-term debt by two notches to BB- from BB+, taking the nation’s debt deeper into junk status.

The downgrade comes shortly after Moody’s cut Greece’s rating to B1, one notch below S&P’s new rating.

The downgrade is a further blow to the euro zone as bailout pressure continues to mount for Portugal after borrowing costs rose to a fresh high.

Yields on Portuguese 10-year bonds climbed to 8.17% yesterday – a record high after last week’s rise to 8%.

The country’s borrowing costs have risen in recent months – mimicking what happened in Greece and Ireland – just before they were forced to seek emergency aid.

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News posted: March 29, 2011

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