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S&P: Further downgrade in Greece's rating possible
Feb. 24, 2010, 11:26 a.m. EST
By Sue Chang SAN FRANCISCO (MarketWatch) -- Standard & Poor's Ratings Services on Wednesday maintained Greece's BBB+ long-term and A-2 short-term sovereign credit ratings but warned that a ratings cut is possible in the near term. "In our view, a further downgrade of one to two notches is possible within a month," said Marko Mrsnik, an S&P credit analyst. S&P lowered Greece's long-term rating to its current level on Dec. 16. Confidence in Greece has deteriorated after it was revealed late last year that the country's 2009 deficit was close to 13% of its gross domestic product, significantly more than the euro-zone's 3% limit.
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