S&P downgrades Greece's credit rating, says financial commitments 'unsustainable'

  • Greece's credit rating has been downgraded again by S&P, which said that the government’s various financial commitments were “unsustainable.”

    The ratings agency has dropped Greece’s short-term and long-term sovereign credit ratings from B-/B to CCC+/C, saying its outlook is negative.

    S&P said that parameters such as favorable business, economic and financial conditions had “worsened.” The Greek economy contracted by 1% in half a year despite a weak euro and low oil prices, the ratings agency said.

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