17 Mar 2015
Greece remains on CreditWatch with negative implications - S&P
FXStreet (Mumbai) - The Standard & Poor's (S&P) credit rating agency reaffirmed that its ΄B-/B΄ long- and short-term sovereign credit ratings on Greece remain on CreditWatch with negative implications, as decided on Janunary 28, 2015.
S&P said in a statement, "The Greek government's liquidity position is increasingly stretched,"
"Moreover, we believe that the lack of a clear short- and long-term funding plan and the related political uncertainty weigh on GDP recovery prospects and tax compliance, and increase the risk of significant deposit outflows,"
On February 6, S&P cut Greece's long-term rating to B-, citing the country's growing cash constraints, and kept the country on watch for a downgrade.
On the same day, another rating agency, Moody's Investors Service, placed Greece's Caa1 rating on review for downgrade. Moody's next review is scheduled for March 27.
S&P said in a statement, "The Greek government's liquidity position is increasingly stretched,"
"Moreover, we believe that the lack of a clear short- and long-term funding plan and the related political uncertainty weigh on GDP recovery prospects and tax compliance, and increase the risk of significant deposit outflows,"
On February 6, S&P cut Greece's long-term rating to B-, citing the country's growing cash constraints, and kept the country on watch for a downgrade.
On the same day, another rating agency, Moody's Investors Service, placed Greece's Caa1 rating on review for downgrade. Moody's next review is scheduled for March 27.