Standard & Poor’s downgraded Greece’s credit rating by three notches Monday, making it the world’s lowest after the agency said a likely debt restructuring would be considered a default.
A restructuring of Greece’s debt — either with a bond swap or by extending maturities on existing bonds — looks increasingly likely to be imposed by European policymakers as a means of sharing the burden of Greece’s crisis with the private sector, S & P said in a statement.
Full story: “Greece’s debt rating slashed, making it world’s lowest”