S&P downgrades Greece

Standard & Poor's on Monday cut Greece's credit ratings by three notches, saying the country is increasingly likely to restructure its debt in a way the ratings agency would consider a default. S&P cut Greece's long-term sovereign credit ratings to CCC, or eight notches into junk territory, from B.
The short-term rating was affirmed at C and all the ratings were removed from credit watch. The outlook on the long-term rating remains negative, however, in a sign that another downgrade is expected in the next 12 to 18 months.