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.