S&P Lowers Greece's Credit Rating To 'CCC Minus'

By Joseph AdinolfiMarketWatch Pulse

Standard & Poor's Ratings Services lowered Greece's credit rating one notch further into junk territory on Tuesday, saying Prime Minister Alexis Tsipras is threatening the country's economic stability by sending creditors' latest proposal to a public vote. The country's long-term credit rating was lowered to "CCC minus," from "CCC." The ratings agency said it now puts the probability of Greece exiting the eurozone at 50%, and that a commercial default is inevitable within the next six months unless circumstances change. The agency last downgraded Greece on June 10. Greece will hold a referendum on whether to accept the latest proposal from creditors on July 5, five days after the country is slated to make a 1.54 billion euro ($1.72 billion) payment to the International Monetary Fund.

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