ATHENS (MNI) – The Greek Finance Ministry sharply criticized
today’s downgrade of Greek sovereign paper by Standard & Poors,
questioning the credibility of the rating agency.
“The evaluation by Standard & Poors comes in a period when there is
no additional information and no new [policy] decisions that could lead
to a deterioration of the situation in Greece compared with the previous
evaluation by this rating house that took place a month ago,” the
ministry said in a statement.
“The decisions of the international rating houses have to be based
on facts and real evaluation of the economic data,” it said. “Their
credibility is questionable when their decisions are based on facts
other than” real economic ones.
S&P announced earlier Monday that it was lowering its rating on
long-term Greek debt to B from BB-, and also cutting its rating on
short-term Greek debt to C from B. It cited as the main factor in its
decision a rising risk that Greece would restructure its debt.
S&P also said it was leaving Greece on “CreditWatch with negative
implications,” which means another downgrade is possible.
–Angelika Papamiltiadou; a_papamiltiadou@hotmail.com
[TOPICS: M$X$$$,MT$$$$,MGX$$$,M$$CR$]
