Standard and Poor's on Wednesday relegated Greek government bonds to the deeper end of junk status, cutting the debt-crippled country's credit rating by 2 notches to CC, with a negative outlook.
The international ratings agency said a proposed restructuring of Greece's heavy debt load under a second international bailout deal worth €109 billion ($157 billion) would amount to a selective default. Both of the other major ratings agencies have said much the same.
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AP
