Article: "S&P cuts Greece's credit rating: Euro-zone bond spreads widening on credit worries"
Source: Market Watch
Excerpt(s): LONDON (MarketWatch) - Greece saw its key sovereign credit rating cut by Standard & Poor's Ratings Services on Wednesday, downgrading the debt to A- from A... The ratings agency had placed Greece on negative credit watch last week, along with Ireland. S&P also put Portugal on negative credit watch Tuesday due to high government debt levels, while Spain received a similar warning Monday... "While the ratings on the sovereign continue to be based on our opinion of [Greece's] relatively high economic prosperity and [European economic and monetary union] membership, the ongoing global financial and economic crisis has, in our opinion, exacerbated an underlying loss of competitiveness in the Greek economy," Standard & Poor's credit analyst Marko Mrsnik said in a news release.
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