S&P rates Greece's new bonds at CCC

FXstreet.com (Córdoba) - Standard & Poor's Ratings Services said on Thursday that it has assigned 'CCC' rating to new bonds issued by Greece on March 12, following the conclusion of the debt swap offer on Greek-law sovereign bonds.

"We have assigned 'CCC' ratings to the new bonds and GDP-linked securities", says S&P in a statement. "Our sovereign credit ratings on Greece will remain at 'SD' (Selective Default) until the exchange of Greece's non-Greek-law governed bonds is concluded, which we understand is to occur by April 11, 2012. Following the exchange, we will likely consider Greece's selective default to be cured and assign a forward-looking sovereign credit rating of 'CCC' to Greece".

Standard & Poor's said its recovery rating of '4' for Greece remains unchanged, indicating an estimated 30%-50% recovery by bondholders.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

RELATED TOPICS