S&P Backs Off Greece Credit Downgrade
March 16, 2010 at 12:10 UTC || By Forex Playmaker
Bloomberg is reporting that S&P has had a change of heart as far as the credit outlook for Greece:
Greece had the threat of a cut to its credit rating reduced by Standard & Poor’s, which cited the country’s efforts to narrow a budget deficit that is more than four times the European Union’s 3 percent limit.
S&P affirmed the nation’s BBB+ rating, removing it from “creditwatch negative,” meaning the company is no longer considering a reduction to the grade.
While this news is good for markets today, the current credit rating for Greece does have a Mortgage-Backed Securities feel to it …
Full Article: Greek Downgrade Threat Lowered by S&P on Deficit Plan
