S&P Downgrades Greece 3 days After Announcing Bond Buyback Plan Video
S&P Downgrades Greece To ‘SD’ After Bond Buyback Plan
Ratings agency Moody’s Investors Service stripped France of its prized triple-A credit rating on Tuesday, triggering worries the move could heighten the risk of a downgrade for other top-rated nations, including the United States and the single currency bloc’s largest economy Germany.
“The downgrade is extremely significant considering there has been a lot of talk about the U.S. being downgraded as well.
The first image that comes to mind is a line of dominos all standing upright, and one of them now tipping,” Ben Lichtenstein, president at Tradersaudio.com told CNBC Asia’s “Squawk Box” on Tuesday, adding that the spotlight could turn to Germany next.
Standard & Poor’s cut Greece’s sovereign credit rating to SD, or selective default, from CCC, just three days after the country revealed plans to spend up to 10 billion euros in a bond buyback program.
Greece was downgraded by S&P on Wednesday in a move that was driven by the country’s latest invitation to private sector debtholders to participate in ta series of debt buyback auction.
“Greece’s invitation constitutes the launch of what we consider to be distressed debt restructuring,” S&P said in a statement.
The rater however said it will likely look over the selective default to be raised back to triple-C when the debt buyback program is completed around December 17.
The outlook on the rating remains negative. Euro zone finance ministers and the International Monetary Fund reached agreement on Nov. 26 for steps to cut Greece’s public debt and help the country regain access to international financial markets.
Greece said it would spend 10 billion euros to buy back bonds at a price range that topped market expectations. The move is seen as central to put the near-bankrupt country’s debt back on a sustainable footing.
The buyback will be conducted through a modified Dutch auction in which investors declare at what level they are willing to sell their bonds before Athens sets a final price.
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