S&P cuts Greece rating to 'selective default'
World BusinessDec 6, 2012
Standard & Poor's cut Greece's already junk-level debt rating to "selective default" Wednesday after the country launched an operation to buy back debt at a big discount.Greece was cut from CCC, the lowest level before default, S&P said, because its invitation to investors to sell back the Greek bonds they hold at discounts to face value "constitutes the launch of what we consider to be a distressed debt restructuring.""The offer, in our view, implies the investor will receive less value than th