Greece Downgraded to "Selective Default" by S&P

Credit ratings agency S&P downgraded its long-term sovereign rating on Greece on Monday after the closing bell to "selective default" from CC. The agency cited an action by Greece's government with regard to its sovereign debt that began a "distressed debt restructuring." Bloomberg is reporting that the downgrade was triggered after Greece retroactively inserted collective action clauses in the documentation of certain sovereign debt series last week, citing S&P.