Greece downgraded to junk status by S&P

By: Associated Press Email
By: Associated Press Email

LONDON (AP) - Greece's debt has been downgraded to junk status by Standard & Poor's amid mounting fears that the debt crisis in Europe is spiraling out of control.

In a statement Tuesday, the agency says that it is lowering its rating on Greece's debt to BB+ from BBB- - that means that the country's debt does not carry the investment grade tag.

The agency is also warning debtholders that they only have an average chance of between 30 to 50 percent of getting their money back in the event of a debt restructuring or default.

The downgrade of Greece follows an earlier one for Portugal and comes at the end of another bad day for the Eurozone.

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