"Apart from Greece, all other euro-zone countries have an investment-grade rating, which means the risk of default isn’t very high. There is a 40% risk that Greece might have to restructure its debt," Carol Sirou, head of S&P France, said at a conference in Paris.
S&P downgraded Greece’s debt into speculative territory at BB+ with a negative outlook and put it on watch for a further downgrade in December, says the news agency.
"The level of spreads doesn’t adequately reflect the probability of default attached to these countries," she said on Thursday, referring to the historically high level of credit spreads in most euro-zone countries compared with the German sovereign debt.
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