Greece Gets Triple Hooked: S&P Downgrades Country To CCC, Outlook Negative

"And there goes the EUR again. Furthermore, "Outlook Negative" on CCC means CC is next, then C, and lastly, D.
Overview

• In our view Greece is increasingly likely to restructure its debt in a manner that, under the conditions of any package of additional funding provided by Greece's official creditors, would result in one or more defaults under our criteria.
• We are also of the view that risks for the implementation of Greece's EU/IMF borrowing program are rising, given Greece's increased financing needs and ongoing internal political disagreements surrounding the policy conditions required by Greece's partners.
• Accordingly, we have lowered Greece's long-term rating to 'CCC', while affirming its 'C' short-term rating and removing the ratings from CreditWatch. The outlook is negative.
• The 'AAA' transfer and convertibility assessment for Greece, which applies to all members of the eurozone, is unchanged.
• Our recovery rating of '4' for Greece also remains unchanged, indicating an estimated 30%-50% recovery of principal by bondholders. We have revised our recovery rating base case default scenario for Greece to incorporate two hypothetical restructurings: an extension of maturities, followed by principal "haircuts"..."

at http://www.zerohedge.com/article/greece-gets-triple-hooled-sp-downgrades-country-ccc-outlook-negative?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29