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Greek Debt Downgraded To Junk Category

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Standard & Poor’s has conferred “Junk” status to Greek debt. It has also downgraded Portugal’s rating. US and European markets have reacted negatively to the news.

William Sullivan, JVB Financial Group, said, “It’s contagion from the Greece crisis which has spiraled out of control. It's like coconuts falling from the tree. There's a flight from sovereign debt issuers that have suspect national finances."

S&P has cut Greece’s rating to BB+. It also has given negative outlook on the country.

 

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Posted-In: Bonds Global Markets