S&P: Less Pessimistic Than Markets on Greece

Wednesday, 03 Mar 2010 09:02 AM

 

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Standard & Poor's said on Wednesday that it was "less pessimistic" on Greece than financial markets, after worries over Greece's debt problems led to increased risk aversion in markets in recent weeks.

"The political standing of this government is still very high, if recent polls are to be believed," David Beers, S&P's global head for sovereign ratings, told Reuters on the sidelines of a conference in Singapore.

S&P warned last week it may downgrade Greece by one or two notches within a month, citing downside risks to economic growth that will make it harder for the government to reduce the fiscal gap.

"We were fairly clear to the market...and that would still, if current trends continue, mean we are less pessimistic than the market is on how this story will evolve," he said.

S&P currently rates Greece BBB plus, or two notches above the lowest investment grade, with a negative outlook.

© 2014 Thomson/Reuters. All rights reserved.

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