S&P may lower Greece’s rating on heightened risks

Standard & Poor’s Ratings Services put Greece’s credit ratings on watch for a possible downgrade yesterday, saying sliding support for the government hampered the country’s ability to ride out the global downturn. Greece’s A/A-1 long- and short-term foreign and local currency credit ratings were placed on CreditWatch with negative implications, the ratings service said in a statement. A «resolution» of the action is likely this month, S&P said. The global financial situation could make Greece’s large economic and fiscal imbalances worse, it stated. «Weak public finances leave the government without appropriate fiscal capacity to cushion the economic impact of the ongoing downturn,» S&P said.

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