S&P cuts Greek sovereign debt to selective default

Mon Feb 27, 2012 4:49pm EST
 
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NEW YORK (Reuters) - Standard & Poor's on Monday cut Greece's credit rating to SD, or selective default, after the Greek government amended the original rules governing some of its sovereign debt to bind all private bondholders to a bond swap necessary to complete a 130-billion-euro rescue package.

(Reporting By Daniel Bases and Walter Brandimarte; Editing by Chizu Nomiyama)