S&P lowers Greece rating

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Credit rating agency Standard & Poor's on Monday lowered its long- and short-term sovereign credit ratings on Greece to B and C, from BB- and B, respectively.

Both the long- and short-term ratings remain on credit watch, with negative implications. They were first placed on credit watch on December 2, 2010, and March 29, 2011, respectively.

The agency's recovery rating for Greece remained the same, indicating an estimated 30–50% recovery upon default, and its AAA transfer and convertibility asse

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