Again, S&P Cuts Greece's Rating

NEW YORK - ranking management organization Standard and Poor's (S & P) re-cutGreece's credit level of "junk" level or "CC" to selective default (SD). The road wascarried out after the Athens S & P reported the plan to replace (swap) bond torelieve the debt burden. "We cut Greece's credit rating to" SD "after the Greek government set a collective action clauses (collective action clauses / CAC) documentation of any particular series of debt on February 23, 2012," S&P said in an official quoted by AFP news yesterday. The agency added thatadditional rules could force the loss of bondholders who refused to take partbetween debt reimbursement scheme through new bonds with interest rates. UBSanalyst Geoffrey Yu gave a brief comment, although the Greek downgrade does notaffect the market, the country's credit rating should be revised back to 'CCC' after the exchange of bonds. Reuters news agency reported, Greece has officiallyreleased the exchange of bonds on Friday (24/2). Under the agreement,bondholders will receive a loss of 53.5%.