Financial News: S&P cuts Greece's credit rating to BB-

Standard & Poor’s on Tuesday downgraded Greece’s credit rating by two notches, from BB+ to BB-, and maintained a negative outlook for the country. In an announcement, the credit rating agency said the results of an EU Summit confirmed its estimates that a restructuring of a public debt was possible precondition for a country’s borrowing form a permanent European Stabilisation Mechanism, which will replace the current European Financial Stability Fund from July 2013.

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