S&P Cuts Greece Rating Further Into Junk

By Chelsey DulaneyDow Jones Newswires

Standard & Poor's Ratings Services on Friday cut Greece's sovereign rating one notch further into junk territory, citing the country's growing cash constraints.

S&P cut Greece's rating to B-minus from B, while keeping the country on watch for a downgrade.

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The downgrade comes as officials in Athens and other European capitals frantically search for ways to keep Greece from running out of money next month, after initial plans to finance the cash-strapped country fell flat with its creditors.

Diminishing tax revenues in the run-up to January elections have pushed Greece's finances to a precarious point. Greek officials now fear that the government, led by the anti-austerity Syriza party, could run out of cash as soon as early March.